SoftBank Reports $7.7 Billion Quarterly Profit

SoftBank Group Corp. reported a remarkable turnaround, posting a net profit of 1.18 trillion yen ($7.7 billion) for the second quarter, compared to a net loss of 931 billion yen in the same period last year. This profit surge was driven by gains in SoftBank's Vision Fund, which benefited from robust IPOs in India and a rebound in tech valuations, notably from Coupang Inc. and Didi Global Inc. The Vision Fund recorded a gain of 608 billion yen, highlighted by successful listings such as Ola Electric and FirstCry. This marks a significant recovery for SoftBank, which had previously faced two consecutive years of losses. Analysts were surprised as the profit exceeded the average expectation of 287 billion yen. SoftBank continues to pivot towards investments in generative AI, targeting companies like OpenAI and Perplexity AI Inc.