SoftBank's profits soar on sales growth, Sprint improvement

FILE- In this July 20, 2017, file photo, SoftBank Group Corp. Chief Executive Officer Masayoshi Son speaks during a SoftBank World presentation at a hotel in Tokyo. Japanese internet and energy company SoftBank Group Corp. is reporting Wednesday, Feb. 7, 2018, a more than 11-fold surge in profit for the fiscal third quarter thanks to strong sales and to improved results from U.S. carrier Sprint. (AP Photo/Shizuo Kambayashi, File)
FILE - In this Aug. 7, 2017, file photo, a shopper, right, and a clerk talk at a SoftBank sales counter at a store in Tokyo. Japanese internet and energy company SoftBank Group Corp. is reporting Wednesday, Feb. 7, 2018, a more than 11-fold surge in profit for the fiscal third quarter thanks to strong sales and to improved results from U.S. carrier Sprint. (AP Photo/Shizuo Kambayashi, File)

TOKYO — Japanese internet and energy company SoftBank Group Corp. reported Wednesday a more than 11-fold surge in profit for the fiscal third quarter thanks to strong sales and to improved results from U.S. carrier Sprint.

SoftBank, which also owns stakes in Chinese e-commerce giant Alibaba and British computer chip and software giant Arm, said its October-December profit was 912.3 billion yen ($8.4 billion), up from 80.3 billion yen a year earlier.

Quarterly sales rose 3.9 percent to 2.4 trillion yen ($22 billion).

The Tokyo-based company, which sells the Pepper robot, did not give annual forecasts, citing uncertainties, as is its usual policy.

SoftBank was the first carrier to offer the Apple iPhone in Japan and is buying a major stake in Uber.

Last year, it set up a major fund to invest in various technology companies.

It said Wednesday that it will do a share offering for its Japanese telecommunications company in Japan to raise cash for more investments.

Technology licensing revenue from Arm, which was not part of SoftBank's group companies the previous fiscal year, helped boost earnings for the current fiscal year, the company said.

SoftBank Chief Executive Masayoshi Son, a graduate of the University of California, Berkeley, told reporters that group companies like Arm and Yahoo! Japan were doing well, and he planned to invest in more companies that he called "unicorns."

One such company he mentioned is Wag, a U.S. venture that connects dog owners with dog walkers online, which Son called the "dog version of Uber."

A visionary sometimes seen in the company of high-profile figures like Microsoft Corp. co-founder Bill Gates and President Donald Trump, he has been aggressive in investing in artificial intelligence, the internet of things and renewable energy — Son is a relatively vocal opponent of nuclear power, especially after the 2011 Fukushima nuclear disaster in northeastern Japan.

He said he has had a vision since he was a teen to grow his "family" of companies as a web-based structure, to last 300 years. The brands must stay distinct but the companies, connected through investments, will work together and all become No. 1, he said.

SoftBank also owns the SoftBank Hawks baseball club, which won last year's Japan Series, this country's equivalent of the World Series.

___

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

Her work can be found at https://www.apnews.com/search/yuri%20kageyama

You may also interested in

China imports grow in August for 1st time in 2...

Sep 8, 2016

China trade showed unexpected strength in August in a positive sign for global economic growth

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

Sep 10, 2016

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

Argentine soccer star Carlos Tevez signs $40M...

Dec 29, 2016

Argentine striker Carlos Tevez has signed to play for Shanghai Shenhua, becoming the latest in a...

China exports shrink as Trump trade tensions loom

Jan 13, 2017

China's exports fell back into contraction again last month, signaling renewed weakness for the...

China state media call Trump's Taiwan strategy...

Jan 16, 2017

China's state-run media says President-elect Donald Trump "speaks like a rookie" and called his...

People also read these

Asian markets lower after Wall Street decline

Sep 15, 2016

Asian stock markets were mostly lower Thursday following Wall Street's decline in light trading...

China starts 2017 engulfed by smog, issues...

Jan 2, 2017

Beijing and other cities across northern and central China are shrouded in thick smog, prompting...

Choked by smog, Beijing creates new environmental...

Jan 8, 2017

Officials in Beijing have announced a new environmental police squad to root out illegal burning in...

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 exports shrink as Trump trade tensions loom

Jan 13, 2017

China's exports fell back into contraction again last month, signaling renewed weakness for the...

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@frontalreport.com

Subscribe Now!