Japan tech giant SoftBank reports profit decline

Japanese technology conglomerate SoftBank Group Corp. has reported a 23 percent decline in fiscal third quarter profit because of some changes in its investment funds

TOKYO -- Japanese technology conglomerate SoftBank Group Corp. reported Wednesday a 23 percent decline in fiscal third-quarter profit as adjustments in its major investment funds eroded income.

SoftBank Group, which has invested in British IoT company ARM and U.S. wireless company Sprint, had October-December profit of 698.3 billion yen ($6.4 billion), down from 912.3 billion yen in the same period the previous year.

Quarterly sales totaled 2.5 trillion yen ($23 billion), up 4 percent from 2.4 trillion yen.

SoftBank's investment funds called SoftBank Vision Fund had a positive effect on the overall operating profit for the latest fiscal quarter, thanks to the rise in value of its technology investments.

SoftBank did not give a fiscal year forecast, which has been standard practice for the Tokyo-based company.

SoftBank, which offers internet and solar electricity services, was the first mobile carrier to offer the Apple iPhone in Japan. It is also behind the Pepper, the talking companion robot.

———

Yuri Kageyama is on Twitter at https://twitter.com/yurikageyama

On Instagram at https://www.instagram.com/yurikageyama/?hl=en