Japanese technology conglomerate SoftBank Group has reported a $2.9 billion profit for the April-June quarter, rebounding from a loss a year earlier, as its investments benefited from the craze for ar

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 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.

By Anton Bridge TOKYO (Reuters) -Japanese technology investor SoftBank Group logged a net profit of 421.8 billion yen ($2.87 billion) for the April-June quarter. The result compared with a net loss of 174.

SoftBank Group Corp. swung to a bigger-than-expected profit in the June quarter, riding on gains from its bets on Nvidia Corp. and startups in a boost for founder Masayoshi Son’s bets on artificial intelligence technologies.

The Japanese technology investment company recorded a first-quarter net profit thanks partly to a recovery in its tech funds business.