SoftBank Group Posts 1st April-Sept. Net Profit in 3 Years

Tokyo, Nov. 12 (Jiji Press)--SoftBank Group Corp. said Tuesday that it turned profitable in April-September for the first time in three years, thanks to the improved balance of its mainstay investment operations, including the SoftBank Vision Fund, or SVF, business.

For the first half of fiscal 2024, the Japanese technology investor posted a consolidated net profit of 1,005.3 billion yen, against the year-before loss of 1,408.7 billion yen.

At a press conference, Chief Financial Officer Yoshimitsu Goto revealed that SoftBank Group invested 500 million dollars in U.S. artificial intelligence developer OpenAI in the July-September quarter. The investment will "strengthen our relationship," said Goto, indicating that the group will seek a new business partnership in the AI field.

The SVF business, which invests in AI-related startups and others, generated an investment profit of 599.8 billion yen, against the year-before loss of 583.3 billion yen, thanks to gains in some stocks in its portfolio, including China's ByteDance Ltd., which operates the TikTok video-sharing app.

The group's overall investment balance also improved significantly, on the back of a rise in the stock price of T-Mobile US Inc., in which it holds shares.

[Copyright The Jiji Press, Ltd.]