Japan’s SoftBank Group reported its first annual profit in four years on Tuesday, bringing relief to investors scarred by high-profile failures as it embarks on another series of mammoth tech investments.

The Tokyo-based conglomerate reported a 1.15 trillion yen ($7.78 billion) profit for the year ended March versus a loss of 227.6 billion yen last year.

The figure was boosted by the 517 billion yen booked for January-March, doubling their earnings from the same period last year, based on a strong performance from telecommunications holdings and higher valuations in its later-stage start-ups.

The turnaround illustrates the risk and reward of SoftBank’s approach of investing in high-growth technology companies, epitomised by the success of its investment in Chinese e-commerce leader Alibaba Group, and the bankruptcy of US office-space startup WeWork.

SoftBank is in the midst of its most extensive spending spree since the launch of its Vision Funds, this time targeting companies it deems to be leading the development of artificial intelligence.