SoftBank profits rise, party on gains from Saudi-tied fund
The Associated Press
May 08, 2019 11:44 PM
In this April 15, 2019, photo, people walk under the logo of Japanese telecoms company Softbank Corp. at its mobile phone shop in Tokyo. Softbank said Wednesday, May 8, 209, it will spend 456.5 billion yen ($4 billion) to increase its stake in Yahoo Japan to nearly 45%. The company forecast that with the additional stake in Yahoo, its revenue will rise to 4.8 trillion yen ($43.6 billion) in this fiscal year.
Japanese internet company SoftBank has reported a 36% increase in profit for the fiscal year through March from the previous fiscal year, partly on gains from its Vision Fund.
After the killing of Saudi journalist Jamal Khashoggi, SoftBank has said it will diversify its funding source for investments. Much of the Vision Fund money had come from Saudi Arabia.
SoftBank Group Corp., whose mobile subsidiary is boosting its stake in Yahoo Japan to 45% from 12%, said Thursday annual profit totaled 1.4 trillion yen ($12.8 billion).
SoftBank Group, which has invested in British IoT company ARM, and U.S. wireless company Sprint, offers internet and solar electricity services, and developed Pepper, the talking companion robot.