SoftBank Group Corp. reported a smaller-than-expected decline in quarterly net profit, as gains from its chip-related investment portfolio helped offset the impact of falling startup valuations. The Tokyo-based technology investment company recorded a net profit of ¥347.3 billion (approximately $2.2 billion) for the first fiscal quarter, down 18%. This compared with market expectations of around ¥166 billion, meaning the company comfortably beat forecasts by a significant margin. The positive result was driven by unrealized gains on investments in chip manufacturers, which offset a decrease in the value of its startup holdings. SoftBank also said it continues to wait for additional gains from its investment in OpenAI. According to data provider Jinshi, the market had projected a much lower net profit figure, highlighting the scale of the positive surprise. SoftBank, headquartered in Tokyo, is a technology investment company. The first-quarter figures show that the company's results came in well ahead of expectations, offering a positive outcome for the Japanese investment giant.
SoftBank Group Corp. posted a smaller-than-expected fall in quarterly net profit, driven by gains in its chip-related investment portfolio. The Tokyo-based technology investment firm said net profit for the first fiscal quarter fell 18% to ¥347.3 billion ($2.2 billion).
Unrealized gains from its investments in chipmakers offset a decline in the valuation of startups, the company said. SoftBank is still awaiting further gains from its investment in OpenAI.
According to data provider Jinshi, the market had expected net profit of around ¥166 billion. The actual result came in well above that estimate.
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