SoftBank has reported a 49.2 percent surge in its latest quarterly earnings due in part to a $2.2 billion gain at its tech-focused Saudi-backed Vision Fund, Zawya reports.
According to Zawya, the fund’s investment gain was a result of the sale of the Indian e-commerce company Flipkart to US chain Walmart. An increase in the value of the fund’s stakes in the US-based co-working space provider WeWork also bolstered earnings.
The company’s results were further boosted by the one-time gain of 161.3 billion yen following the sale of the China unit of the company’s subsidiary, Arm Holdings, Arab News reports. Arm is a British chip maker owned by SoftBank.