Q1 results: As tech rally cools, SoftBank posts 39% lower profit

Japanese group to cut China investments until tech sector scrutiny clarifies

Japan’s SoftBank Group Corp on Tuesday reported a 39 per cent fall in first-quarter net profit, even as Vision Fund returns were boosted by listings during the period.
 
April-June profit was 762 billion yen ($6.9 billion). That compared with profit of 1.3 trillion yen in the same period a year earlier.
 
The Vision Fund unit posted on Tuesday a first-quarter profit of 236 billion yen ($2.14 billion) as gains from listing portfolio companies were offset by falling shares in firms like e-retailer Coupang Inc. SoftBank has offloaded shares of US tech giants like Facebook, Microsoft, Alphab­et and Netflix,