Arm owner SoftBank reports £1.2bn profit as it shifts towards AI

The Japanese tech investor SoftBank made a profit for the second consecutive quarter as it tries to turn its performance around before big planned investments in artificial intelligence. SoftBank reported net income of 231bn yen (£1.18bn) in the first three months of 2024, compared with a 57.6bn yen loss in the same period last year, according to financial results published on Monday. The quarterly gain was not enough to offset losses over the rest of its financial year, leaving the Japanese investor with its third annual loss - at 227bn yen - in the 12 months to the end of…