Photo illustration: Eniola Odetunde/Axios. Photo: Yoshikazu Tsuno/Getty Images

SoftBank and its Vision Fund made a comeback this past quarter. But chairman and CEO Masayoshi Son has already moved on to a new project: a $550 million vehicle for investing in blue-chip public tech stocks like Facebook, Amazon and Apple.

Why it matters: This is part of Son’s ongoing plan to transform SoftBank Group into an investment company.

  • "By having cash on hand, we will be able to enhance our defense power," Son said during Tuesday’s earnings presentation.
  • To make the point further, SoftBank Group will no longer report operating profit, a metric Son says isn't as relevant for an investing business. (Though some reporters seemed unconvinced during Tuesday's presentation.)

By the numbers: SoftBank Group posted a $12 billion net profit for quarter ending in June.

  • SoftBank is also 95% through its asset monetization program (¥4.3 trillion out of ¥4.5 trillion, or $40.4 billion out of $42.3 billion), which it thought would take a year.

Other updates from SoftBank’s latest earnings report:

  • ARM: Son confirmed that SoftBank is evaluating selling a stake in the chip company or an IPO, though he declined to name potential buyers.
  • Vision Fund: After reporting an $18 billion loss last quarter, the Vision Fund is back in the black, with an investment gain of $2.8 billion for this quarter. Son also said that "five or six companies" in its portfolio are currently preparing to go public, though he didn’t name them (of course).

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Dion Rabouin, author of Markets
Aug 13, 2020 - Economy & Business

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