SoftBank, a Japanese investment holding company, experienced a notable surge of over 8% in its shares during morning trading. This spike followed the release of impressive financial results by chipmaker Arm.
Arm witnessed a remarkable increase in its shares, soaring by as much as 41%. This surge came in the wake of the chip designer surpassing analysts’ expectations with its reported revenue and earnings.
Additionally, Arm provided a bullish outlook for the upcoming quarter.
SoftBank, which had taken Arm public in September, still retains approximately 930 million shares, constituting roughly 90% of the chip designer’s outstanding stock.
Following the earnings report, SoftBank’s stake in Arm experienced a significant boost, rising by nearly $16 billion.
This propelled its value from close to $71.6 billion to $87.4 billion. Notably, the gains from Arm’s performance outweighed the $14 billion losses incurred by SoftBank’s investment in WeWork, a co-working space provider that filed for bankruptcy in November.
