AP
- Japanese conglomerate SoftBank posted a 49% rise in operating profit for the first quarter.
- The results were driven partly by investments from the Vision Fund, such as the sale of its stake in Indian ecommerce firm Flipkart.
- The sale of chipmaker ARM's Chinese operators also contributed.
- The Vision Fund's stakes are now worth $2.5 billion, thanks to investments in firms such as Uber and WeWork.
Japan's SoftBank Group Corp on Monday reported a 49 percent rise in first-quarter operating profit, boosted by the sale of its stake in Indian e-commerce firm Flipkart — the first public divestment by its Vision Fund.
The technology firm, which is planning an initial public offering (IPO) for its domestic telecoms unit, also said profit was bolstered by the sale of the majority of chip designer ARM Holding's Chinese operations to a local consortium.
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