SoftBank Q2 operating profit rises 21%, helped by Vision Fund investments

SoftBank Group Corp. Chairman and CEO Masayoshi Son speaks during an earnings briefing in Tokyo, Japan, July 28, 2016. REUTERS/Kim Kyung-Hoon

Japan’s SoftBank Group Corp reported on Monday a 21 percent rise in second-quarter operating profit as the value of its technology investments grew.

The Japanese tech and telecoms firm is funnelling money to U.S. firms as it invests in technology companies around the world, including through its $98 billion Vision Fund, as founder Masayoshi Son pursues his vision of a future driven by artificial intelligence, interconnected devices and robotics.

Profit for the July-September quarter rose to 395.6 billion yen ($3.46 billion) from 328.1 billion yen a year earlier, the company said. Excluding profit from the Vision Fund, income would have fallen 4 percent.

Son is under pressure to turn around its U.S. wireless unit Sprint Corp, especially after it broke off merger talks with T-Mobile US Inc.

SoftBank said on Sunday it would raise its stake in Sprint to under 85 percent from 83 percent in a show of commitment to the No. 4 U.S. wireless carrier which, while managing to grow its customer base, has relied on heavy discounting to do so and is weighed down with $38 billion of debt.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.