SoftBank on Thursday reported profit for its fiscal first quarter that beat market expectations, driven by a huge gain on its stake in Intel, while a rise in ByteDance's value helped its Vision Fund division.The Japanese giant said net profit for the June quarter totaled 347.3 billion Japanese yen ($2.2 billion). That beat the 120.23 billion expected by analysts, according to LSEG estimates. However, that was a nearly 18% year-on-year decline.SoftBank saw a 1.3 trillion yen gain on the shares it owns of U.S. chipmaker Intel. SoftBank had announced a roughly $2 billion investment in Intel last year. This helped its investment division, which is separate from the Vision Fund, book segment profit of 1.05 trillion yen. The Vision Funds, which house investments spanning OpenAI to TikTok-owner ByteDance, saw a gain of $1.7 billion in value in the first quarter. That was primarily driven by a $2.2 billion increase in the value of SoftBank's stake in Chinese firm ByteDance, which offset declines in companies like PayPay. SoftBank's Vision Funds segment posted a 5.4 billion yen profit compared to 451.4 billion a year ago. The company said that it saw no gain or loss from its investment in OpenAI.This is in contrast to the previous quarter, where the company's Vision Funds posted a nearly $20 billion gain, nearly all driven by OpenAI.This is breaking news. Please refresh for updates.