TOKYO: Japan’s SoftBank Group said Thursday that net profit rebounded year-on-year in the third quarter as it reaped the rewards of its investment in artificial intelligence.
The firm, a major backer of ChatGPT-maker OpenAI, logged a net profit of ¥248.6 billion (US$1.6 billion), after a net loss of ¥370 billion a year earlier.
After suffering massive losses across its broad tech portfolio in recent years, SoftBank has turned things around by diving into the fast-growing AI sector.
It announced in December that its stake in OpenAI is now around 11% after completing the second stage of a US$41 billion investment.
The group’s earnings often swing dramatically because it invests heavily in tech start-ups and semiconductor firms, whose stocks are volatile.