Deals
SoftBank Profit Climbs on Proceeds From Alibaba Stake Sale
- Gains for the quarter reached 204 billion yen after sales
- Main Japan telecommunications business added 112,000 users
SoftBank Profit Rises on Proceeds From Alibaba Stake Sale
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SoftBank Group Corp.’s first-quarter profit rose 19 percent as proceeds from selling part of its stake in Alibaba Group Holding Ltd. helped make up for losses at Sprint Corp.
Net income at the Japanese wireless carrier rose to 254.2 billion yen ($2.4 billion) in the three months ended June 30, the Tokyo-based company reported Thursday. SoftBank’s operating profit was 319.2 billion yen. Sprint reported a $302 million loss in the quarter as the money-losing U.S. carrier focused on growing its subscriber base over profit.