Softbank net income soars

30 Jul 2009

Softbank Corp has posted fiscal first-quarter net income of JPY27.4 billion (USD288 million), up 41.4% year-on-year after the company slashed costs and achieved a slight increase in revenue of 2.9% to JPY666.3 billion. The company said the soaring profit in April-June was boosted by lower procurement costs for its e-commerce business and by holding fewer handsets in storage compared with the amount sold. Softbank is also the exclusive seller of the Apple iPhone in Japan, widely believed to be a contributing factor to the cellco’s increased revenue from wireless internet and data-based applications.

Japan, SoftBank Group Corp