SoftBank shares extend their surge, pop more than 15% on earnings beat
Publishing timestamp: 2024-02-08 23:06:22
Summary
SoftBank Group's shares rose by 15.29% after the company posted earnings that exceeded analysts' expectations. The company's first quarterly profit in four quarters was driven by gains at its Vision Fund. Arm, a subsidiary of SoftBank, also beat earnings estimates and offered a strong forecast due to the AI boom. SoftBank has shifted its focus from Alibaba to AI, with its stake in Alibaba falling to nearly zero while Arm's share in its asset portfolio has risen.
Sentiment: POSITIVE
Keywords: earnings, alibaba group holding ltd, business news, technology, breaking news: technology, softbank group corp, arm holdings plc,