• Bloomberg

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Softbank Corp. reported an almost fivefold surge in first-quarter profit, fueled by revenue from smartphone users.

Net income jumped to ¥94.8 billion in the three months that ended June 30, up from ¥19.4 billion a year earlier, the exclusive provider of Apple Inc.’s iPhone in Japan said Friday.

Operating profit, or sales minus the cost of goods and administrative expenses, increased 12 percent to ¥175.8 billion as revenue climbed 9 percent to ¥764.2 billion, Softbank said. In May, Chief Executive Officer Masayoshi Son said he expects full-year profit and sales to climb as higher revenue from data services helps offset a decline in voice-call traffic.

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