SoftBank's quarterly profit doubles

Published November 07, 2016

Japanese telecommunications and internet company SoftBank Group Corp., which has acquired British chipmaker ARM Holdings for about $30 billion, is reporting July-September profit more than doubled from the same period the previous year.

Tokyo-based SoftBank reported Monday fiscal second quarter profit totaled 528.6 billion yen ($5.1 billion), up from 258.6 billion yen last year, boosted by a favorable exchange rate, as well as by healthy operations in Japan.

Quarterly sales slipped 3 percent to 2.145 trillion yen ($20.6 billion).

SoftBank didn't give annual forecasts, citing uncertainties.

The purchase of ARM underlines SoftBank's ambitions in the "internet of things," or how various devices, including security cameras and household appliances, connect online and work together.

SoftBank also owns U.S. wireless carrier Sprint Corp., which has been slowly turning itself around.

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