SoftBank Group shares surge 13% to a record high after quarterly profit beat estimates

Issei Kato | Reute of SoftBank Group surged 13% Friday to hit a fresh record, ing the company's higher-than-expected fiscal first-quarter fit.This marks the Japanese investment firm's fourth straight session of gains, and comes after it closed at a record high in its previous session, before its earnings release.Stock Chart IconStock chart iconSoftBank Corp sSoftBank's fits for the April to June quarter came in at 421.8 billion yen ($2.87 billion), substantially overshooting LSEG consensus estimates of127.6 billion yen.This the group's second consecutive quarter of fit and a sharp reversal from the 174.28 billion yen loss it posted in the same period a year ago.The Japanese giant announced on Thursday that the value of its Vision Funds rose $4.8 billion, its largest gain since the June quarter of 2021.fit for the Vision Funds segment, which also captures factors such as expenses, hit 451.4 billion yen in the fiscal-first quarter June, a reversal from losses in the same period last year.The Japanese giant attributed this to gains from private investments as well as listed companies such as the Singapore-headquartered ride-hailing firm Grab Holdings, and Indian food dery firm Swiggy.Companies that have received investments through SoftBank's Vision Funds include chip designer Arm Holdings, game software player Animoca Brands and internet nology giant ByteDance.A few of the investment firm's portfolio companies are expected to go public this year