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SoftBank Group reports a quarterly net profit of 328.9 billion yen ($2.11 billion) for January-March, marking a significant turnaround from the previous year.
The positive result follows Chief Financial Officer Yoshimitsu Goto’s declaration in February that the company is returning to a “growth trajectory.”
Despite SoftBank’s historical focus on volatile earnings and large investments in technology startups, the company’s leadership, including founder and CEO Masayoshi Son, has emphasized the potential of artificial intelligence (AI) and robotics. SoftBank’s recent profitability reflects a shift toward strategic growth initiatives.
While SoftBank has not been a prominent player in generative AI models like ChatGPT, the promise of an AI-driven future has contributed to the valuation of its key asset, British chip design firm Arm Holdings.
The company’s profitability underscores the growing importance of AI technologies in shaping its investment strategy.
SoftBank’s recent profit marks the second consecutive quarter of positive earnings, signaling a period of stability and growth. However, the company remained in the red for the full fiscal year. The Vision Fund investment unit lost 57.5 billion yen during the quarter, following several quarters of profit.
In contrast to the 32 billion yen loss recorded in the same period the previous year, SoftBank Group achieved a notable improvement in net profit.
The performance was influenced by factors such as capital raised using SoftBank’s stake in Alibaba Group, which mitigated some of the losses incurred by the Vision Fund’s private portfolio companies.
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