Report: Saudi-backed SoftBank Earnings Surge on Vision Fund Valuation

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.

SoftBank’s Vision Fund said it will invest in creating the world’s biggest solar power project in Saudi Arabia, stepping up its involvement in the kingdom and expanding beyond technology.