Japan’s SoftBank Posts 50% Jump In Q1 Profit After Inclusion Of Vision Fund
Tokyo: Japanese SoftBank Group Corp on Monday reported an increase in operating profit in the first quarter by 50.1% after the company included Vision Fund, the world’s largest private equity fund, as a new reporting segment and reserved a price increase. The Internet and the telecom giant said earnings for the quarter before June increased to 479.2 billion yen ($ 4.33 billion). SoftBank did not publish the forecast for the current business year, ending in March, saying that there are too many uncertain factors. Thomson Reuters Starmine SmartEstimate brings profit for the whole year at a rate of 1.16 trillion yen, based on estimates of 20 analysts.
SoftBank is a prolific investor in technological endeavors, and the founder and CEO of Masayoshi Son plays an important role in the creation of the Vision Foundation.
Recent investments include online lender Kabbage Inc online, which on Thursday said that it received $ 250 million from SoftBank.
SoftBank also has a foothold in the US market through its wireless terminal Sprint Corp, which last week for the first time published quarterly profits for three years as a result of efforts to reduce costs.
The fourth-largest US mobile operator is exploring options to increase funding and better competition, using tools such as merging with T-Mobile US Inc, as well as a connection with cable provider Charter Communications Inc.
($ 1 = 110,7100 yen)