Technology investor SoftBank Group Corp. reported Thursday an 18% drop in fiscal first quarter profit, as higher costs offset its investment gains.
SoftBank Group, which invests aggressively in artificial intelligence, energy and robotics, recorded a 347.3 billion yen ($2.2 billion) profit for the April-June period, down from 421.8 billion yen a year earlier.
Quarterly sales rose nearly 11% to 2 trillion yen ($12.7 billion).
Chief Financial Officer Yoshimitsu Goto told reporters that its business with Arm, a British semiconductor and software design company, was doing well.
Tokyo-based SoftBank has invested an additional $20 billion in OpenAI and plans more investments in the current fiscal year, he said.
