SoftBank earnings report 2Q

Japanese giant SoftBank announced Tuesday that it had $19 billion in earnings on its Vision Fund in the second quarter of its fiscal year ending Sept. 30.

The broader Vision Fund segment also impacts non-investment performance, such as administrative expenses and gains and losses attributable to third-party investors. The fund’s value increased by $4.8 billion in the company’s first fiscal quarter.

SoftBank’s performance in the second quarter of the fiscal year is as follows:

• Profit reached 2.502 trillion yen in the quarter opposite 206.89 billion yen expected, according to LSEG consensus estimates. This also compares with a net profit of 1.18 trillion yen a year ago.
• Revenue hit 1.92 trillion yen in the quarter, compared with LSEG’s forecast of 1.9 trillion yen.

Softbank continues to move towards artificial intelligence, investing and acquiring companies that will strengthen its presence in the field of robots and Artificial Super Intelligence (ASI).

Shares of the Japanese conglomerate fell last week due to concerns about the artificial intelligence bubble creating unrest in global markets. Nearly $50 billion in market value was wiped from shares last week, marking their worst weekly loss since March 2020. But shares are up more than 140% this year as the tech investment arm shows signs of recovery.

Softbank last month reported to have been approved It received the final tranche of funding to complete its $30 billion investment in OpenAI. The Japanese firm’s investment in the ChatGPT maker came with a warning that the total investment could drop to as low as $20 billion if OpenAI is not restructured as a for-profit entity by December 31.

The AI ​​startup recently completed a recapitalization and strengthened its structure as a nonprofit with a controlling stake in its nonprofit business, a public benefit corporation now called OpenAI Group PBC.

This is breaking news. Please refresh for updates.