However, the company's Saudi-backed Vision Funds did not perform as well, dropping in value by 115bn yen in the first three months of the year, largely due to the bankruptcy of WeWork, a company that SoftBank had heavily backed. Despite this, SoftBank's continued profitability could make it easier for CEO Masayoshi Son to justify further large investments.
Key takeaways:
- SoftBank reported a net income of 231bn yen (£1.18bn) in the first three months of 2024, a significant improvement from a 57.6bn yen loss in the same period the previous year.
- Despite the quarterly gain, SoftBank still recorded its third annual loss due to losses over the rest of its financial year.
- SoftBank made significant gains on its investments, including in the UK-based chip designer Arm, which is expected to be the centerpiece of a new AI-focused strategy.
- SoftBank is also reportedly in talks to acquire British AI chipmaker Graphcore and recently led a $1bn (£800m) funding round into British autonomous driving tech company Wayve.