Japan tech giant SoftBank reports profit decline

TOKYO — Japanese technology conglomerate SoftBank Group Corp. reported Wednesday a 23 percent decline in fiscal third-quarter profit as adjustments in its major investment funds eroded income.

SoftBank Group, which has invested in British IoT company ARM and U.S. wireless company Sprint, had October-December profit of 698.3 billion yen ($6.4 billion), down from 912.3 billion yen in the same period the previous year.

Quarterly sales totaled 2.5 trillion yen ($23 billion), up 4 percent from 2.4 trillion yen.

SoftBank's investment funds called SoftBank Vision Fund had a positive effect on the overall operating profit for the latest fiscal quarter, thanks to the rise in value of its technology investments.

SoftBank did not give a fiscal year forecast, which has been standard practice for the Tokyo-based company.

Late last year, SoftBank raised more than 2 trillion yen ($18 billion) at an IPO of its Japanese mobile company. The IPO compares with some of the world's biggest, including China's Alibaba Group, which raised about $20 billion when it went public in 2014, and Facebook, which raised $16 billion in 2012.

SoftBank, which offers internet and solar electricity services, was the first mobile carrier to offer the Apple iPhone in Japan. It is also behind the Pepper, the talking companion robot.

After the killing of Saudi journalist Jamal Khashoggi, SoftBank has said it will diversify its funding source for investments. Much of the Vision Fund money had come from Saudi Arabia.

___

Yuri Kageyama is on Twitter at https://twitter.com/yurikageyama

On Instagram at https://www.instagram.com/yurikageyama/?hl=en

You may also interested in

US tycoon's China scholarship project opens doors...

Sep 10, 2016

A new scholarship program intended to rival the prestigious Rhodes Scholarships and build...

Aid groups warn of crisis as Mongolia hit by...

Dec 21, 2016

Another unusually harsh winter in Mongolia that's decimating livestock and sending temperatures to...

McDonald's sells China business in deal worth up...

Jan 9, 2017

Fast-food giant McDonald's is selling a controlling stake in its China business to a group of...

China auto market has bumper year but 2017...

Jan 12, 2017

Industry figures show China's auto market had a bumper year in 2016 as sales grew by 15 percent,...

Chinese factory makes giant inflatable...

Jan 13, 2017

A Chinese factory has been doing a brisk business selling giant inflatable roosters, some as tall...

About Us

Frontal Report is an emerging leader in all forms of media. We aim to be the leading news brand for readers around the world.

Contact us: sales[at]frontalreport.com

Subscribe Now!