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Thursday February 27th, 2020 8:37PM

SoftBank's profit nearly quadruples on fund investments

By The Associated Press

TOKYO (AP) — Japanese technology company SoftBank Group Corp. has seen its fiscal first quarter profit nearly quadruple to 1.122 trillion yen ($10.6 billion) as its fund investments boosted income.

Tokyo-based SoftBank's April-June profit the previous year had totaled 313.7 billion yen.

Quarterly sales climbed nearly 3% to 2.226 trillion yen ($21 billion), it said Wednesday.

The SoftBank Vision Fund has invested in American entrepreneurships, including work messaging service Slack, ride-hailing Uber, office-sharing company WeWork and delivery business Doordash.

Dragging on earnings was U.S. mobile operator Sprint. But SoftBank said Sprint will merge with T-Mobile and will no longer be its subsidiary. The U.S. Department of Justice approved the merger with conditions last month.

SoftBank also has a stake in Arm of Britain, and its subsidiary owns Yahoo Japan.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Small Business
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