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Japan tech giant SoftBank Group sees better fortunes on surging AI stocks
Japanese technology conglomerate SoftBank Group has reported a $2.9 billion profit for the April-June quarter, rebounding from a loss a year earlier, as its investments benefited from the craze for artificial intelligence.
TOKYO (AP) — Japanese technology conglomerate SoftBank Group Corp. posted a 421.8 billion yen ($2.9 billion) profit in the April-June quarter, rebounding from a loss a year earlier as its investments benefited from the craze for artificial intelligence. The company’s fortunes tend to fluctuate because it invests in a range of ventures through its Vision Funds, a move that carries risks. The company has already held IPOs for Chime, a U.S. “neobank” that provides banking services for low-credit consumers, and for Etoro, a personal investment platform.
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