SoftBank Group's shares surged as much as 13% on Friday, hitting a record high. The company reported profit for the first quarter of fiscal 2024 that far exceeded expectations.

This marked the Japanese investment company's fourth consecutive day of gains, having already reached a record high the day before its earnings report was released. SoftBank's profit for the April-June quarter reached 421.8 billion yen (approximately $2.87 billion), significantly exceeding the consensus estimate of 127.6 billion yen.

This marked the investment group's second consecutive quarter of profitability, a sharp reversal from a loss of 174.28 billion yen in the same period last year. The Japanese giant announced Thursday that the value of its Vision Fund rose by $4.8 billion, the largest increase since the June 2021 quarter.

In the first quarter of the fiscal year ending in June, the Vision Fund division (including fees and other factors) reported a profit of 451.4 billion yen, a sharp turnaround from a loss in the same period last year. The group attributed the growth to returns from investments in listed companies, including Singaporean ride-hailing platform Grab Holdings and Indian food delivery giant Swiggy.

SoftBank Vision Fund investments include chip designer Arm Holdings, gaming software developer Animoca Brands, and internet tech giant ByteDance. Several of the investment group's portfolio companies are expected to go public this year, including Indian eyewear retailer Lenskart, which filed for an IPO on July 29th, aiming to issue new shares worth 2.15 billion rupees (approximately $247.58 million).

Other companies poised for IPOs include Japanese mobile payment service operator PayPay, Swedish financial services company Klarna, and travel app Klook.