SoftBank Climbs After Sprint User Gains Signal Recovery Underwayby
SoftBank Group Corp. rose in Tokyo trading after Sprint Corp. reported its sixth straight quarter of subscriber gains, a sign that the the turnaround of the money-losing U.S. wireless carrier is starting to work.
The shares of the Japanese company rose as much as 4.7 percent to 5,460 yen as of 9:16 a.m., the biggest intraday jump in two weeks. Sprint’s shares rose 28 percent in New York on Monday.
Sprint added 180,000 monthly subscribers, according to the Overland Park, Kansas-based company. That beat the 112,000 average of six analyst estimates collected by Bloomberg. SoftBank founder Masayoshi Son last week said Sprint’s recovery is on track as he announced plans for the company’s biggest ever acquisitions.