SoftBank Reports Quarterly Profit

SoftBank Group, a big technology company from Japan, made a profit of 328.9 billion yen (which is about $2.11 billion) from January to March this year. This is a big change from last year when they didn’t make a profit during the same time.

The company’s Chief Financial Officer said earlier this year that they were doing better and growing again. Even though SoftBank hasn’t been famous for working with artificial intelligence like ChatGPT, they have a valuable asset called Arm Holdings, which is a British company that designs computer chips. The idea of using artificial intelligence in the future has made Arm Holdings even more valuable, which helps SoftBank.

This is the second time in a row that SoftBank has made a profit for a quarter, but for the whole year, they still lost money. One part of their company, called the Vision Fund, lost some money from investments, but overall, the company did much better this year compared to last year.

Source: Reuters