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SoftBank Group
on Thursday reported fiscal first-quarter profit that topped expectations, driven by gains in its Vision Fund tech investment arm.
The Japanese giant reported 421.8 billion yen ($2.87 billion) in the quarter ended June, versus 127.6 billion yen expected, according to LSEG consensus estimates. It is the second straight quarter of profit for SoftBank. The company reported a 174.28 billion yen loss in the same period last year.
In the fiscal first quarter, SoftBank said the value of its Vision Funds rose $4.8 billion. Profit for the Vision Funds segment, which takes into account other factors like expenses, hit 451.4 billion yen in the quarter, versus a loss in the same period last year.
