SoftBank Group Reports Q3 Net Profit of $1.62 Billion Driven by Tech Funds Gains
SoftBank Group reported a quarterly net profit of 248.59 billion yen ($1.62 billion) for the three months ending December, recovering from a net loss of Y369.2 billion in the same period last year. The Vision Funds business generated a profit of Y735.49 billion. The company is in talks to invest up to $30 billion in OpenAI, with total investments in the firm valued at $54.4 billion. SoftBank also agreed to acquire DigitalBridge Group for $4 billion and ABB's robotics business for $5.4 billion.
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SoftBank Group reported a net profit of 248.59 billion yen ($1.62 billion) for Q3, compared to a loss of Y369.2 billion a year ago. Its Vision Funds business saw profits of Y735.49 billion. The company is negotiating a potential $30 billion investment in OpenAI, which seeks up to $100 billion in new capital, potentially valuing it at $830 billion.
SoftBank's total investment in OpenAI is now worth $54.4 billion. Additionally, it agreed to acquire DigitalBridge Group for $4 billion and ABB's robotics unit for $5.4 billion.
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