SoftBank Group's first-quarter net profit dropped 18% from a year earlier due to lower gains from its Vision Funds business. The Japanese technology investment company said Thursday that net profit fell to 347.33 billion yen ($2.20 billion) for the three months ended June. That still beat the estimate of ¥125.9 billion from a poll of analysts by data provider Visible Alpha.

Its Vision Funds business booked profit of ¥5.43 billion, sharply lower compared with the ¥451.39 billion in profit in the same period a year earlier. The Tokyo-based company recorded a gain of $25 billion in the January-March quarter from its stake in OpenAI, the maker of the widely used artificial intelligence chatbot ChatGPT.