SoftBank’s quarterly profit drops 49 percent on Sprint woes

Japanese Internet company SoftBank Group Corp., which is struggling to turn around Sprint in the U.S., reported Tuesday a 49 percent plunge in profit for the January-March quarter to $415 million, compared to the same period the previous year.

SoftBank had recorded a profit of $817 million for the final quarter of the previous fiscal year. It didn’t give a forecast, citing many uncertain factors.

Although SoftBank’s mobile and broadband business in Japan is not lagging, it is not expected to grow in coming years, so the company is eyeing overseas growth.

Overland Park, Kansas-based Sprint, which SoftBank acquired in 2013, has promised to create a superior network, offer competitive prices and provide better services, but its revival with likely take some time. However, the company has recently shown signs of a turnaround, said SoftBank.

Read more: Kansas City Star



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