The group attributed its turnaround to the strong performance of its investments in companies such as Nvidia, marking a return to profitability from the previous fiscal year.
It is the first time in four years that the conglomerate has achieved profits in the first quarter. Between April and June 2024, it reported net losses of 174,281 million yen (1,120 million euros) following several years in which the decline in its investments had adversely affected its financial results.
Softbank’s revenue increased by 7% in the quarter to 1.82 trillion yen (10,610 million euros), according to the financial report published today.
Softbank mentioned in the document that profits from its investment in the American chip manufacturer Nvidia helped offset the loss of profitability from its stake in the German telecommunications company T-Mobile and the Chinese e-commerce giant Alibaba.
The owner of the Vision Fund, regarded as one of the largest venture capital funds in the global technology sector, recorded profits of 486,900 million yen (2,840 million euros), largely due to the appreciation of its holdings in Nvidia.
The Japanese conglomerate also announced in the report that it will continue its partnership with the American technology company OpenAI, creator of the artificial intelligence application ChatGPT, in which it will invest an additional 1,000 million dollars on top of the 40,000 million already announced.
“The additional 1,000 million dollars will be allocated exclusively to co-investors and do not affect the group’s existing investment obligations,” the document states.
