SoftBank reports $7.8 billion profit driven by Indian IPOs and tech gains

SoftBank Group reported a profit of $7.8 billion for the quarter ending September, a turnaround from a $6.05 billion loss in the same period last year. This improvement is mainly due to successful Indian IPOs and better tech valuations. The Vision Fund, which focuses on tech investments, contributed $3.95 billion to this profit. This marks the first positive cumulative gains for the fund in nine quarters, aided by IPOs like Ola Electric and FirstCry. SoftBank's financial recovery also benefited from valuation increases at Coupang and DiDi, along with a favorable exchange rate from the weak yen. The company plans to continue pursuing its AI ambitions despite recent setbacks in chip production negotiations.