Japanese tech investor SoftBank posts $7.7 bn quarterly net profit

Tokyo: Japanese tech investor SoftBank Group on Tuesday posted a bumper second quarter net profit of $7.7 billion, returning to the black after net lo...

Tokyo: Japanese tech investor SoftBank Group on Tuesday posted a bumper second-quarter net profit of $7.7 billion, returning to the black after net losses in the first quarter and the previous financial year.

The company's results often swing dramatically because it invests heavily in tech start-ups and semiconductor firms, whose share prices are volatile. In July-September, SoftBank's net profit totalled 1.18 trillion yen -- far higher than the 295 billion yen forecast by analysts.

The figure marked a turnaround from a net loss of 174.3 billion yen in April-June, which itself was an improvement on net losses in the previous three months.

SoftBank's bets on artificial intelligence and other tech innovations -- championed by flamboyant founder Masayoshi Son -- have made for rollercoaster earnings seasons.

Son has repeatedly said that "Artificial Superintelligence" will arrive in a decade, bringing new inventions, new medicine, new knowledge and new ways to invest.