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.

SoftBank Group reported Q1 profit of $2.87 billion, beating forecasts. Vision Fund’s $4.8 billion gain was the key driver, supported by AI-linked investments. SoftBank leads $40B funding for OpenAI and is acquiring Ampere Computing for $6.5B.

The results mark SoftBank's second consecutive quarter of profit and follow its first annual profit in four years when it was helped by a strong performance by its telecom holdings and higher valuations for its later-stage startups.