Japan tech giant SoftBank Group sees better fortunes on surging AI stocks
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Monthly Digital Subscription
$0 for the first 4 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*No charge for 4 weeks then price increases to the regular rate of $19.00 plus GST every four weeks. Offer available to new and qualified returning subscribers only. Cancel any time.
Monthly Digital Subscription
$4.75/week*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $19 plus GST every four weeks. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
*Your next subscription payment will increase by $1.00 and you will be charged $16.99 plus GST for four weeks. After four weeks, your payment will increase to $23.99 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
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.
Quarterly sales at Tokyo-based SoftBank Group, which invests heavily in AI companies like Nvidia and Open AI, rose 7% to 1.8 trillion yen ($12 billion), the company said Thursday.
SoftBank’s loss in April-June 2024 was 174 billion yen.
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 group’s founder Masayoshi Son has emphasized that he sees a vibrant future in AI.
SoftBank has also invested in Arm Holdings and Taiwan Semiconductor Manufacturing Co. Both companies, which produce computer chips, have benefitted from the growth of AI.
“The era is definitely AI, and we are focused on AI,” SoftBank senior executive Yoshimitsu Goto told reporters. “An investment company goes through its ups and downs, but we are recently seeing steady growth.”
Some of SoftBank’s other investments also have paid off big. An example is Coupang, an e-commerce company known as the “Amazon of South Korea,” because it started out in Seoul. Coupang now operates in the U.S. and other Asian nations.
Goto said preparations for an IPO for PayPay, a kind of cashless payment system, were going well.
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.
SoftBank Group stock, which has risen from a year ago, finished 1.3% higher on the Tokyo Stock Exchange after its earnings results were announced.
___
Yuri Kageyama on Threads: https://www.threads.com/@yurikageyama