From PC World: Japanese mobile carrier SoftBank saw its profit dwindle dramatically in the April to June quarter as customer growth slowed.
Japan’s third-biggest mobile phone company logged a net profit of ¥77.57 billion (US$759 million) for the quarter, down 68 percent from ¥244 billion a year earlier.
It added 557,000 mobile subscribers during the period, compared to 810,000 a year earlier.
CEO Masayoshi Son said at an earnings presentation that the company’s net profit slide and a 15.6 percent decrease in operating profit to ¥337 billion was because last year it raised its stake in Gungho Online Entertainment, maker of the wildly popular “Puzzle & Dragons” game, and consolidated other companies, which boosted its earnings.
SoftBank’s results may change when Chinese e-commerce giant Alibaba, in which it has a 34.4 percent stake, conducts its IPO, expected in September.
Son maintained SoftBank’s revenue target of ¥8 trillion for the year to March 31, up significantly from the ¥6.6 trillion the company reported for the year ended March 31.
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