Softbank Group Corp. (SFTBY) shares gained in afternoon trading in Tokyo Monday, after it unveiled better-than-expected earnings for the three months ended in June.
Softbank shares gained 2.38% to close at ¥9,023 Monday, the biggest rise in more than a month and extending a three-month gain of 6.43%.
Softbank, which is Sprint's (S) - Get SentinelOne, Inc. Class A Report biggest shareholder, reported operating profit of ¥479.3 billion ($4.3 billion) for the first quarter, beating analysts projection of ¥323.7 billion. Sales came in at ¥2.19 trillion.
Sprint was one of the company's bright spots, with revenue up 4% to ¥910 billion. Sprint is reported to have resumed preliminary merger discussions with T-Mobile Inc. (TMUS) - Get T-Mobile US, Inc. Report , according to report by Bloomberg Monday morning.
The Japanese conglomerate, whose other companies include ARM Holdings and Fortress Investment Group, reported net income of ¥5.5 billion, which came in below estimates.
Sales in its domestic communications fell 0.8 % year-on-year to ¥755.6 billion. Income dropped 8.6% as the company tried to retain and attract customers with discounts on mobile phone plans and ARM reported a loss of ¥6.9 billion.
SoftBank's Vision Fund, which will invest in tech firms across the globe, has already raised more than $93 billion in total commitments from the Public Investment Fund of Saudi Arabia, Apple Inc. and other large institutional backers. SoftBank is contributing $28 billion.
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