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SoftBank posts profit for second straight quarter but remains in red for full year

VCCircle

VCCircle · 1y ago

SoftBank posts profit for second straight quarter but remains in red for full year

Japanese technology investor SoftBank Group reported a net profit of 328.9 billion yen ($2.11 billion) for the fourth quarter of its financial year, compared to a loss of 32 billion yen the previous year. However, SoftBank remained in the red for the full year, despite two consecutive quarters of profit. The focus is now on SoftBank subsidiary Arm Holdings, a British chip designer, which is seen as crucial to fuel SoftBank's push into artificial intelligence. Arm reported record sales in the first quarter, but its surging valuation did not contribute to SoftBank's profit.

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SoftBank books another quarterly loss, as investment hits offset Arm

Economic Times

Economic Times · 1y ago

SoftBank books another quarterly loss, as investment hits offset Arm

SoftBank Group reported a loss of 789 billion yen ($5.22 billion) for its latest quarter, marking its fourth consecutive quarter in the red. The loss was attributed to write-downs of some investments and the weakened yen, which increased the cost of its dollar-denominated debt. While SoftBank successfully launched an IPO for chip designer Arm, the proceeds were not counted as earnings since Arm remains a subsidiary. The Vision Fund investment unit recorded a profit of 21.4 billion yen, but excluding gains from Arm, the Vision Funds collectively lost 583 billion yen.

Oyo posts Rs 5,464 Cr income in FY23, loses 1287 Cr

Entrackr

Entrackr · 1y ago

Oyo posts Rs 5,464 Cr income in FY23, loses 1287 Cr

Oyo reported a revenue of Rs 5,464 crore in FY23, growing at a rate of 14.3% compared to the previous fiscal year. The company has narrowed down its losses by 33.7% to Rs 1,287 crore. A significant portion of Oyo's revenue (75%) comes from outside India, while domestic income accounts for 25%. The firm aims to achieve its first-ever profit in the second quarter of FY24. Oyo has raised over $3.4 billion in funding and its largest stakeholder is SoftBank with a 42.62% stake.

STMicro sees better quarterly sales after bottom-of-year first quarter

Economic Times

Economic Times · 3m ago

STMicro sees better quarterly sales after bottom-of-year first quarter

STMicroelectronics anticipates improved second-quarter sales after a challenging first quarter, which it described as the year's low point. The chipmaker, affected by a prolonged sales slump in the automotive and industrial sectors, saw a 99.5% drop in operating income year-on-year for the first quarter. However, STMicro forecasts $2.71 billion in second-quarter revenue, higher than analyst predictions. The company remains focused on innovation and refrains from providing a full-year outlook due to market uncertainties.

SoftBank swings to $7.7B profit in September quarter

YourStory

YourStory · 9m ago

SoftBank swings to $7.7B profit in September quarter

SoftBank Group reported a profit of 1.2 trillion yen ($7.98 billion) in the second quarter of FY25, driven by successful IPOs of its portfolio companies. The company made investment gains of 608 billion yen ($3.96 million), marking its fourth consecutive profitable quarter. SoftBank's Vision Funds sold investments worth $1.85 billion, with notable exits from companies like SenseTime and Paytm. SoftBank-backed companies like FirstCry, Ola Electric, and Unicommerce had strong market debuts but saw their stock prices fall afterwards. SoftBank is also exploring AI investments, including a potential $500 million investment in OpenAI.

Japan's SoftBank swings to quarterly profit, eyes on Arm unit

Livemint

Livemint · 1y ago

Japan's SoftBank swings to quarterly profit, eyes on Arm unit

Japan's SoftBank Group reported a net profit of 328.9 billion yen ($2.11 billion) for the final quarter of its financial year, a turnaround from the 32 billion yen loss it posted a year earlier. However, this was not enough to keep the company in the black for the full year. The performance of its Vision Fund arm, which suffered a valuation loss, highlights the challenges SoftBank faces in realizing its artificial intelligence ambitions. The company's management is pinning hopes on its subsidiary Arm Holdings, a chip designer, to drive its AI strategy.

Uber posts first annual profit since its IPO

Livemint

Livemint · 1y ago

Uber posts first annual profit since its IPO

Uber Technologies reported its first full-year profit since going public in 2019. The company's profit in 2023 was $1.43 billion, thanks to income from equity investments and operations. CEO Dara Khosrowshahi called it an "inflection point" for Uber, demonstrating its ability to generate profitable growth. The last quarter of 2023 showed strong demand for Uber's ride-sharing and food-delivery services, with transaction value increasing 22% and revenue up 15%. Uber has made cost-cutting efforts, including job cuts during the pandemic, and has become more disciplined in its spending.

Cognizant's June quarter net profit rises 22% to $566M

YourStory

YourStory · 1y ago

Cognizant's June quarter net profit rises 22% to $566M

Cognizant Technology Solutions reported a 22% increase in net profit for the June quarter, surpassing expectations. The company also adjusted its revenue guidance for the full year 2024. It now expects revenue to be between $19.3 billion and $19.5 billion, a decline of 0.5% to a 1% increase, assuming some inorganic contribution. Cognizant's Q2 net profit stood at $566 million, up 22.2% from the same period last year. The company's improved revenue momentum in the second quarter was driven by its financial services and health sciences segments.

TVS Credit posts 20% growth in profit for second quarter

VCCircle

VCCircle · 9m ago

TVS Credit posts 20% growth in profit for second quarter

TVS Credit, the non-banking financial arm of TVS Motor Company, has reported a 20% increase in profit for the second quarter of the fiscal year. The company's net profit reached INR 161 crore, driven by growth in assets under management which stood at INR 26,652 crore, a 13% rise year-on-year. TVS Credit attributes its strong growth to an increase in distribution reach, supported by consumption growth and improved penetration. The company has also taken steps to strengthen credit norms and expand product offerings. TVS Credit operates in 27 states with 44,000 touchpoints and 130 area offices.

Zomato posts Rs. 36cr profit this quarter

Economic Times

Economic Times · 1y ago

Zomato posts Rs. 36cr profit this quarter

Zomato, the online food delivery platform, has reported a significant improvement in profitability for the quarter ending in September, with a profit of INR 36 crore. This follows a surprise profit of INR 2 crore in the preceding quarter and a loss of INR 251 crore in the same period last year. Revenue from operations also saw a 71% year-on-year increase to INR 2,848 crore, surpassing market expectations.

SoftBank-backed Swiggy posts a $200 mn loss for April-Dec FY24

VCCircle

VCCircle · 1y ago

SoftBank-backed Swiggy posts a $200 mn loss for April-Dec FY24

Swiggy, the Indian food delivery giant backed by SoftBank, has reportedly posted a loss of $200 million for the nine months up until December 2023. The company is looking to go public but concerns have arisen regarding the high valuations of Indian startups still making losses. Swiggy's rival, Zomato, also faced a drop in share prices after going public in 2021 but has recently seen a surge in profits. Swiggy's losses may be reduced for the full year 2023-24 due to lower wage payouts and marketing spending cuts.

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