SoftBank Group reported an 18% year-on-year decline in first-quarter net profit on Thursday, though earnings came in better than market expectations, supported by strong investment gains from its stake in chipmaker Intel and other portfolio holdings, according to Reuters.
The Japanese investment and technology conglomerate posted net income of 347.3 billion yen ($31.7 billion) for the April-June quarter. While profit declined from a year earlier, the result was cushioned by robust gains from listed investments despite the absence of any valuation increase from its stake in ChatGPT developer OpenAI.
