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Softbank fiscal Q1 profits plunge 39%
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Japanese technology company SoftBank鈥檚 fiscal first quarter earnings dropped 39 percent because of the absence of the cash benefit from the merger of Sprint, which boosted its profits a year ago.
Tokyo-based SoftBank Group Corp reported a 761.5 billion yen (US$6.9 billion) profit for April-June yesterday, down from 1.26 trillion yen the previous year. Quarterly sales rose nearly 16 percent to 1.48 trillion yen.
SoftBank, whose investment portfolio includes office-space sharing WeWork, Yahoo! Japan and Alibaba, as well as a myriad other ventures, said it made investments totaling US$2.1 billion during the quarter.
SoftBank, which was the first to offer the Apple iPhone in the Japanese market, benefited last year when US mobile carrier Sprint, which it owned, merged with T-Mobile, a European telecommunications company.
SoftBank profited this year from its investments, recording a net gain of 309.7 billion yen in SVF1, or 鈥淪oftBank Vision Fund One,鈥 and another gain of 97 billion yen in SVF2. It also operates what鈥檚 called a Latin America Fund, with 48 investments.
SoftBank had benefited from the recent stock boom, posting for the fiscal year that ended in March the biggest annual net profit for any company in Japanese history, surpassing Japan鈥檚 top earner Toyota Motor Corp.
But analysts are raising concerns the value of some of SoftBank鈥檚 holdings has been declining, saying worse may be ahead in the July-September quarter.
Chief Executive and founder Masayoshi Son had brushed off the record profit for the previous fiscal year as 鈥渁 coincidence,鈥 promising to keep pursuing his dream of innovation, not just monetary gain.
Still, SoftBank is benefitting from the world鈥檚 move online because of the coronavirus pandemic, including the shift to remote working and online entertainment, Son said. 鈥淚t was a meaningful year for us,鈥 he told reporters.
Son said SoftBank has become the world鈥檚 top investor in artificial intelligence, accounting for 10 percent of the capital in unlisted AI companies.
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