SoftBank Group shares rose as much as 3.7% in Tokyo on Tuesday after the tech investment giant reported a net profit of $3.49 billion for the three months to March, significantly outperforming analyst expectations of a loss of around $180 million.
The stronger-than-expected result was driven by investment gains in tech and telecom holdings.
Vision Fund 1, which backs later-stage startups, recorded a $6.35 billion gain, helped by rising valuations in companies such as ByteDance and Coupang.
By contrast, Vision Fund 2, which targets earlier-stage firms, posted a $3.55 billion loss.
SoftBank also benefited from its positions in T-Mobile US and Deutsche Telekom, with T-Mobile shares climbing more than 20% during the quarter.
After an initial spike in the share price, Softbank settled to post a more modest gain of 1.2%.