SoftBank Group Corp. reported a better-than-projected second-quarter profit, with the wireless and internet businesses in Japan bringing in cash while Sprint Corp. shows signs of improvement.
Net income was ¥512.1 billion in the period ended Sept. 30, the Tokyo-based company reported on Monday. That's more than the ¥446.9 billion average of analysts' projections compiled by Bloomberg. Operating income for the quarter was ¥334.7 billion, compared with their prediction of ¥313.9 billion.
Sprint's revival and steady earnings at home have freed founder Masayoshi Son to focus on his longer-term vision for a company that's made tens of billions investing in companies such as Alibaba Group Holding Ltd. and Supercell Oy. Son is betting on the future of connected devices with the $32 billion acquisition of ARM Holdings Plc. Last month, he unveiled plans to form a new fund to invest as much as $100 billion in the global technology industry.