SoftBank reports drop in quarterly profit on Alibaba stake

August 07, 2017 - 3:09 am

TOKYO (AP) — Japanese technology company SoftBank Group Corp. has reported a 98 percent drop in its April-June profit on losses stemming from investments in the Chinese e-commerce company Alibaba.

SoftBank said Monday its quarterly net profit was 5.5 billion yen ($50 million), down from 254 billion yen the previous year. Quarterly sales added 3 percent to 2.19 trillion yen ($20 billion).

The Tokyo-based company's operating profit, which highlights core operations, logged a 50 percent increase year-on-year as its U.S. mobile carrier Sprint boosted profitability.

Softbank, which sells the Pepper robot, did not give an annual forecast, which is not unusual for the company.

The first to offer the iPhone in Japan, SoftBank has bought British semiconductor company ARM. Its acquisition of U.S. robotics pioneer Boston Dynamics is awaiting regulatory approval.

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