SoftBank Swings to $2.1 Billion Q4 Profit Despite $1.46B Annual Loss

May 13, 2024, 06:35 AM

SoftBank Group reported a significant turnaround with a net profit of 328.9 billion yen ($2.1 billion) in the fourth quarter of the fiscal year, during the January-March period, compared to losses in the previous year. This profitability was largely attributed to the success of its investments in artificial intelligence, particularly boosting the value of its top asset, Arm Holdings. Despite this quarterly success, SoftBank experienced a full-year net loss of $1.46 billion and a $368 million quarterly investment loss from its Vision Fund. Analysts remain optimistic about the company's focus on AI.