SoftBank Swings to $2.1B Q4 Profit Amid AI Boom, Despite Annual Losses

May 13, 2024, 06:35 AM

SoftBank Group reported a significant turnaround with a net profit of 328.9 billion yen ($2.11 billion) for the fourth quarter of the fiscal year, marking a shift from a projected loss of 72 billion yen ($462.70 million). This profit, attributed to a boom in artificial intelligence investments that buoyed assets like Arm, contrasts sharply with the company's third consecutive annual loss reported for FY2023.