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SoftBank swings to profit on $4.2bn gain from OpenAI investment

Japanese conglomerate has invested over $34bn in ChatGPT maker

SoftBank generated a net profit of ¥248.6bn ($1.6bn) in its fiscal third quarter, driven by a $4.2bn gain from founder Masayoshi Son’s large and growing investment in OpenAI.

The figure for the three-month period to the end of December compares with a loss of ¥369bn in the same quarter the previous year, the company said on Thursday. It missed analysts’ expectations of a ¥398bn profit, according to LSEG data.

SoftBank’s earnings were driven by uneven gains from its tech-heavy Vision Funds.

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