SoftBank shares jumped 14% to close at JPY 3,872 on Tuesday, even as the Japanese investment giant subsequently reported a second-quarter net loss of around $7 billion. However, investors did not get an opportunity to react to the earnings disappointment during the trade, as the results were announced after the market closed.
Most Asian technology stocks surged on Tuesday, tracking an overnight rebound on Wall Street as a sharp decline in crude oil prices lifted sentiment. Renewed buying in semiconductor stocks also spilled over into Asian markets following last week's bruising sell-off.
Investors will get their first opportunity to react to SoftBank's earnings disappointment on Wednesday, after the company swung to a second-quarter net loss of $7 billion, hit by hefty investments in US data-centre projects and rising financing costs.
The loss significantly exceeded analysts' forecasts and marked a sharp reversal from the year-ago period.
Tokyo-based SoftBank Group Corp. reported a profit of 2.5 trillion yen in the corresponding period a year earlier, benefiting from a large gain on its investment in OpenAI.