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SoftBank Cuts Annual Profit Forecast 10% on Slumping Sprint

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SoftBank Corp., the Japanese wireless carrier led by billionaire Masayoshi Son, cut its full-year profit forecast 10 percent on widening losses at its Sprint Corp. unit in the U.S.

Operating profit will be about 900 billion yen ($7.9 billion) in the 12 months ending March, the Tokyo-based company said today, compared with an earlier forecast of 1 trillion yen. SoftBank’s German traded shares fell 5.4 percent.