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.

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.

A recovery at SoftBank’s struggling Vision Fund is helping Son double down on bets geared to help him capitalize on booming investment in AI hardware.