Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / SoftBank says Q1 profit jumps 50.1% after inclusion of Vision Fund
BackBack

SoftBank says Q1 profit jumps 50.1% after inclusion of Vision Fund

SoftBank Q1 profit increased to $4.33 billion after the company included Vision Fund as a new reportable segment and booked a valuation gain

SoftBank has not released a forecast for the current business year ending March, saying there are too many uncertain factors. Photo: BloombergPremium
SoftBank has not released a forecast for the current business year ending March, saying there are too many uncertain factors. Photo: Bloomberg

Tokyo: Japan’s SoftBank Group Corp on Monday reported a 50.1% rise in first-quarter operating profit, after the company included Vision Fund, the world’s largest private equity fund, as a new reportable segment and booked a valuation gain.

The internet and telecoms giant said profit for the quarter through June increased to 479.2 billion yen ($4.33 billion). SoftBank has not released a forecast for the current business year ending March, saying there are too many uncertain factors.

Thomson Reuters Starmine SmartEstimate puts full-year profit at 1.16 trillion yen, based on the estimates of 20 analysts.

SoftBank is a prolific investor in technology startups, with founder and chief executive officer Masayoshi Son instrumental in creating Vision Fund.Recent investments include US online lender Kabbage Inc, which on Thursday said it had received a $250 million from SoftBank.

SoftBank also has a foothold in the US market through its wireless unit Sprint Corp, which last week reported a quarterly profit for the first time in three years as a results of cost cutting efforts.

The fourth-biggest US wireless carrier by subscribers is exploring options to boost finances and better compete, through means such as merging with T-Mobile US Inc as well as a tie-up with cable provider Charter Communications Inc. Reuters

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 07 Aug 2017, 01:16 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie