Monday, 6 August 2018

SoftBank profit jumps 49% on boost from ARM, Vision Fund gains.

[TOKYO] SoftBank Group's first-quarter profit climbed 49 per cent from a year earlier, thanks to investment gains.

The Japanese telecommunications provider and technology investor said operating profit was 715 billion yen (S$8.784 billion) in the three months ended June, boosted by a 245 billion yen gain from its Vision Fund and a 161 billion yen gain on the sale of subsidiary ARM's Chinese unit. Revenue was 2.27 trillion yen.

The results are overshadowed by the sale of Sprint Corp to T-Mobile US Inc and planned initial public offering of SoftBank's domestic wireless business. Founder Masayoshi Son has shifted his focus to the company's longer-term future and investments in overseas technology companies. Last year, he formed the Vision Fund, raising almost US$100 billion from big backers including Saudi Arabia and Apple Inc. Son has said the fund represents the transformation of SoftBank from a telecoms conglomerate to a holdings group with investments in the world's most influential technology companies.

Full story at Business Times.

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