Alibaba’s Net Profit Increased by 262%, and Softbank Benefited by Us$2.56 Billion

2019-11-0208:26:36 Comments 6

According to foreign media reports, Softbank Group announce today that after Alibaba included 9.7 billion US dollars in income related to Ant Financial. The second quarter of Softbank will include in the Alibaba equity. The proceeds of 277 billion yen (about 2.56 billion US dollars).

Earlier in the day, Alibaba released its second-quarter earnings for the 2020 fiscal year ending September 30, 2019. The net profit attributable to ordinary shareholders was RMB 72.54 billion (US$10.949 billion), compared with the same period last year. The increase of 225% compared with RMB 20.33 billion.

The financial report showed that Alibaba became a 33% equity holder of Ant Financial on September 23. Alibaba's one-time receipt of the equity of Ant Financial Services generated a revenue of 69.2 billion yuan (about 9.7 billion US dollars).

Softbank holds a 26% stake in Alibaba and will release its second quarter earnings for the 2019 fiscal year ending September 30 on November 26. The company said today that the second quarter will include 277 billion yen (about $2.56 billion) in revenue related to Alibaba's equity. It is classified as "equity investment income."

Softbank announce that it will receive $2.56 billion in revenue from Alibaba. At a time when the company’s investment in some large technology companies has been question. Recently, the two major investments of the Softbank “Vision Fund” have encountered troubles. Namely investment network service provider Uber and shared office giant WeWork. It cast a shadow over Sun’s investment performance.

Among them, Uber lost more than 5 billion US dollars in three months. An increase of nearly 500%. And shared office giant WeWork just announced last month that it has postponed the IPO (IPO) plan. Softbank CEO Masayoshi Son also said in an interview last month that Softbank’s investment performance so far was much lower than they expect, which made him unhappy.

Similar News: Google Announces $2.1 Billion to Acquire Wearable Giant Fitbit

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