SoftBank Posts $12 Billion Profit in First Quarter of 2020
Tokyo, Aug 11, 2020: Japanese technology giant SoftBank Group profit rose 12 percent in April-June from a year earlier as its investments added to its coffers, including sales of its shares in US carrier T-Mobile.
Tokyo-based SoftBank reported a first-quarter profit of 1.2 trillion yen (USD 11.8 billion), up from 1.1 trillion yen in the previous fiscal year.
Quarterly sales inched down 2 per cent to 1.45 trillion yen (USD 13.7 billion).
SoftBank, whose group includes the carrier that introduced the iPhone to Japan, said it has been shoring up its cash reserves.
Chief Executive Masayoshi Son said, "the company already has raised in several months nearly all the 4.5 trillion yen (USD 41 billion) it had promised in March to attain within a year. But he acknowledged worries about a...