TOKYO (AFP) – Japanese tech investor SoftBank Group yesterday posted a bumper second-quarter net profit of USD7.7 billion, returning to the black after net losses in the first quarter and the previous financial year.
The company’s results often swing dramatically because it invests heavily in tech start-ups and semiconductor firms, whose share prices are volatile.
In July-September, SoftBank’s net profit totalled JPY1.18 trillion – far higher than the JPY295 billion forecast by analysts.
The figure marked a turnaround from a net loss of JPY174.3 billion in April-June, which itself was an improvement on net losses in the previous three months.
SoftBank’s bets on artificial intelligence (AI) and other tech innovations – championed by flamboyant founder Masayoshi Son – have made for rollercoaster earnings seasons.
