Asia

SoftBank quarterly profit soars on investment empire

Japanese telecommunications, internet and solar company SoftBank Group Corp. says its October-December profit soared to about 40 times what it was a year ago.

Tokyo-based SoftBank said Wednesday its fiscal third quarter profit totaled 91.2 billion yen ($814 million) up dramatically from 2.3 billion yen in 2015. Quarterly sales stayed relatively flat on-year at 2.3 trillion yen ($20 billion).

SoftBank Chief Executive Masayoshi Son held a highly publicized meeting with President Donald Trump in New York late last year and promised to invest $50 billion in U.S. startups to create 50,000 jobs.

An avid overseas investor, SoftBank owns U.S. wireless carrier Sprint Corp. It also owns Britain's ARM Holdings, an innovator in the "internet of things," which helped boost earnings. SoftBank also sells the Pepper human-shaped companion robot.