SoftBank Group swings to profit in first quarter, Stargate timeline delayed

FILE PHOTO: A view of the OpenAI and SoftBank Group logos on the day of an event to pitch AI for businesses in Tokyo, Japan February 3, 2025. REUTERS/Kim Kyung-Hoon/File Photo

TOKYO (Reuters) -Japanese technology investor SoftBank Group on Thursday booked a net profit of $2.87 billion in the first quarter, driven by gains among larger listed investments in its Vision Fund portfolio.

The result will likely be welcomed by investors as SoftBank pursues its biggest spending spree since the launch of its Vision Funds in 2017 and 2019, this time making mammoth investments in artificial intelligence companies.