SoftBank on Thursday reported profit for its fiscal first quarter that beat market expectations.
SoftBank Group posted a smaller-than-expected 18% drop in first-quarter profit on Thursday, buoyed by a gain on its stake in chipmaker Intel , even as it recorded no valuation gain from its holdings in ChatGPT developer OpenAI.
Asian technology stocks rallied on Wednesday after Wall Street's record-setting session fueled optimism around artificial intelligence and growth stocks. Shares of SoftBank surged more than 10%.
Technology investor SoftBank Group reports first-quarter earnings on Thursday, with analysts focused on how it will fund its ongoing investment in OpenAI and the impact of rising leverage on its balance sheet.
Softbank stock continued its strong downward trend, reaching its lowest level since April this year. It dropped to ¥4,595, down by nearly 50% from the year-to-date high.
The Nikkei 225 Index continued its freefall as technology companies like Softbank, Tokyo Electron, Kioxia, and Advantest plunged ahead of the upcoming big-tech earnings. It plunged by over 4%, reaching its lowest level since June 11.