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Japanese tech company SoftBank Group sees profit drop despite AI investments
['Ap News']
myMotherLode.com
TOKYO (AP) — Technology investor SoftBank Group Corp. reported Thursday an 18% drop in fiscal first quarter profit, as higher costs offset its investment gains.
SoftBank Group, which invests aggressively in artificial intelligence, energy and robotics, recorded a 347.3 billion yen ($2.2 billion) profit for the April-June period, down from 421.8 billion yen a year earlier.
Tokyo-based SoftBank has invested an additional $20 billion in OpenAI and plans more investments in the current fiscal year, he said.
SoftBank Group does not give annual forecasts.
SoftBank Group shares finished 4% lower in Tokyo trading.