Latest news with #YoshimitsuGoto
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Business Standard
4 days ago
- Business
- Business Standard
SoftBank Q1 results: Posts $2.9 bn profit, stock up 1.3% on AI rally
The company's fortunes tend to fluctuate because it invests in a range of ventures through its Vision Funds, a move that carries risks AP Tokyo Japanese technology conglomerate SoftBank Group Corp. posted a 421.8 billion yen ($ 2.9 billion) profit in the April-June quarter, rebounding from a loss a year earlier as its investments benefited from the craze for artificial intelligence. Quarterly sales at Tokyo-based SoftBank Group, which invests heavily in AI companies like Nvidia and Open AI, rose 7 per cent to 1.8 trillion yen ($ 12 billion), the company said Thursday. SoftBank's loss in April-June 2024 was 174 billion yen. The company's fortunes tend to fluctuate because it invests in a range of ventures through its Vision Funds, a move that carries risks. The group's founder Masayoshi Son has emphasised that he sees a vibrant future in AI. SoftBank has also invested in Arm Holdings and Taiwan Semiconductor Manufacturing Co. Both companies, which produce computer chips, have benefitted from the growth of AI. The era is definitely AI, and we are focused on AI, SoftBank senior executive Yoshimitsu Goto told reporters. An investment company goes through its ups and downs, but we are recently seeing steady growth. Some of SoftBank's other investments also have paid off big. An example is Coupang, an e-commerce company known as the Amazon of South Korea, because it started out in Seoul. Coupang now operates in the US and other Asian nations. Goto said preparations for an IPO for PayPay, a kind of cashless payment system, were going well. The company has already held IPOs for Chime, a US neobank that provides banking services for low-credit consumers, and for Etoro, a personal investment platform. SoftBank Group stock, which has risen from a year ago, finished 1.3 per cent higher on the Tokyo Stock Exchange after its earnings results were announced. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
4 days ago
- Business
Japan tech giant SoftBank Group sees better fortunes on surging AI stocks
TOKYO -- Japanese technology conglomerate SoftBank Group Corp. posted a 421.8 billion yen ($2.9 billion) profit in the April-June quarter, rebounding from a loss a year earlier as its investments benefited from the craze for artificial intelligence. Quarterly sales at Tokyo-based SoftBank Group, which invests heavily in AI companies like Nvidia and Open AI, rose 7% to 1.8 trillion yen ($12 billion), the company said Thursday. SoftBank's loss in April-June 2024 was 174 billion yen. The company's fortunes tend to fluctuate because it invests in a range of ventures through its Vision Funds, a move that carries risks. The group's founder Masayoshi Son has emphasized that he sees a vibrant future in AI. SoftBank has also invested in Arm Holdings and Taiwan Semiconductor Manufacturing Co. Both companies, which produce computer chips, have benefitted from the growth of AI. 'The era is definitely AI, and we are focused on AI,' SoftBank senior executive Yoshimitsu Goto told reporters. 'An investment company goes through its ups and downs, but we are recently seeing steady growth.' Some of SoftBank's other investments also have paid off big. An example is Coupang, an e-commerce company known as the 'Amazon of South Korea,' because it started out in Seoul. Coupang now operates in the U.S. and other Asian nations. Goto said preparations for an IPO for PayPay, a kind of cashless payment system, were going well. The company has already held IPOs for Chime, a U.S. 'neobank' that provides banking services for low-credit consumers, and for Etoro, a personal investment platform. SoftBank Group stock, which has risen from a year ago, finished 1.3% higher on the Tokyo Stock Exchange after its earnings results were announced.
Yahoo
4 days ago
- Business
- Yahoo
SoftBank Concedes Stargate Project With OpenAI Needs More Time
(Bloomberg) -- SoftBank Group Corp. said it's taking longer than anticipated to get Stargate off the ground, conceding for the first time that the $500 billion artificial intelligence tie-up in the US with OpenAI is bogging down. All Hail the Humble Speed Hump Mayor Asked to Explain $1.4 Billion of Wasted Johannesburg Funds Three Deaths Reported as NYC Legionnaires' Outbreak Spreads Major Istanbul Projects Are Stalling as City Leaders Sit in Jail PATH Train Service Resumes After Fire at Jersey City Station The Japanese company is trying to forge a consensus with partners including Oracle Corp. and Abu Dhabi's MGX, Chief Financial Officer Yoshimitsu Goto said during an earnings briefing. SoftBank expects to begin 'concrete' negotiations for its first Stargate datacenter site soon, Goto said. 'We need to take our time to prepare a model case for Stargate,' he told analysts and reporters. 'A lot of parties are involved. Time is needed to form a consensus.' SoftBank founder Masayoshi Son and OpenAI co-founder Sam Altman unveiled Stargate in January with promises to begin deploying $100 billion 'immediately' and raise that to around $500 billion. Months later, it's yet to begin raising funds or building data centers. Some of the conversations behind Stargate have slowed due to market volatility, uncertainty about US trade policy and questions around the financial valuations of AI hardware, Bloomberg News reported in May. The company is now also courting Taiwan Semiconductor Manufacturing Co. and others about taking part in a $1 trillion AI manufacturing hub in Arizona. --With assistance from Vlad Savov. Russia's Secret War and the Plot to Kill a German CEO The Pizza Oven Startup With a Plan to Own Every Piece of the Pie AI Flight Pricing Can Push Travelers to the Limit of Their Ability to Pay A High-Rise Push Is Helping Mumbai Squeeze in Pools, Gyms and Greenery Government Steps Up Campaign Against Business School Diversity ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Winnipeg Free Press
4 days ago
- Business
- Winnipeg Free Press
Japan tech giant SoftBank Group sees better fortunes on surging AI stocks
TOKYO (AP) — Japanese technology conglomerate SoftBank Group Corp. posted a 421.8 billion yen ($2.9 billion) profit in the April-June quarter, rebounding from a loss a year earlier as its investments benefited from the craze for artificial intelligence. Quarterly sales at Tokyo-based SoftBank Group, which invests heavily in AI companies like Nvidia and Open AI, rose 7% to 1.8 trillion yen ($12 billion), the company said Thursday. SoftBank's loss in April-June 2024 was 174 billion yen. The company's fortunes tend to fluctuate because it invests in a range of ventures through its Vision Funds, a move that carries risks. The group's founder Masayoshi Son has emphasized that he sees a vibrant future in AI. SoftBank has also invested in Arm Holdings and Taiwan Semiconductor Manufacturing Co. Both companies, which produce computer chips, have benefitted from the growth of AI. 'The era is definitely AI, and we are focused on AI,' SoftBank senior executive Yoshimitsu Goto he told reporters. 'An investment company goes through its ups and downs, but we are recently seeing steady growth.' Monday Mornings The latest local business news and a lookahead to the coming week. Some of SoftBank's other investments also have paid off big. An example is Coupang, an e-commerce company known as the 'Amazon of South Korea,' because it started out in Seoul. Coupang now operates in the U.S. and other Asian nations. Goto said preparations for an IPO for PayPay, a kind of cashless payment system, were going well. The company has already held IPOs for Chime, a U.S. 'neobank' that provides banking services for low-credit consumers, and for Etoro, a personal investment platform. ___ Yuri Kageyama on Threads:
Asahi Shimbun
4 days ago
- Business
- Asahi Shimbun
Japan tech giant SoftBank Group sees better fortunes on surging AI stocks
The logo of Japanese mobile provider SoftBank is seen at its shop in Tokyo on June 14, 2018. (AP Photo) Japanese technology conglomerate SoftBank Group Corp. posted a 421.8 billion yen ($2.9 billion) profit in the April-June quarter, rebounding from a loss a year earlier as its investments benefited from the craze for artificial intelligence. Quarterly sales at Tokyo-based SoftBank Group, which invests heavily in AI companies like Nvidia and Open AI, rose 7% to 1.8 trillion yen ($12 billion), the company said Thursday. SoftBank's loss in April-June 2024 was 174 billion yen. The company's fortunes tend to fluctuate because it invests in a range of ventures through its Vision Funds, a move that carries risks. The group's founder Masayoshi Son has emphasized that he sees a vibrant future in AI. SoftBank has also invested in Arm Holdings and Taiwan Semiconductor Manufacturing Co. Both companies, which produce computer chips, have benefitted from the growth of AI. 'The era is definitely AI, and we are focused on AI,' SoftBank senior executive Yoshimitsu Goto he told reporters. 'An investment company goes through its ups and downs, but we are recently seeing steady growth.' Some of SoftBank's other investments also have paid off big. An example is Coupang, an e-commerce company known as the 'Amazon of South Korea,' because it started out in Seoul. Coupang now operates in the U.S. and other Asian nations. Goto said preparations for an IPO for PayPay, a kind of cashless payment system, were going well. The company has already held IPOs for Chime, a U.S. 'neobank' that provides banking services for low-credit consumers, and for Etoro, a personal investment platform.
