United States

SoftBank’s profit nearly quadruples on fund investments

TOKYO — Japanese technology company SoftBank Group Corp. reported Wednesday its fiscal first quarter profit nearly quadrupled to 1.122 trillion yen ($10.6 billion) as its fund investments boosted income. Tokyo-based SoftBank’s April-June profit the previous year had totaled 313.7 billion yen. Quarterly sales climbed nearly 3% to 2.226 trillion yen ($21 billion). The SoftBank Vision Fund has invested in dozens of companies including American entrepreneurships such as work messaging service Slack, ride-hailing Uber, office-sharing company WeWork and delivery business Doordash. Dragging on earnings was U.S. mobile operator Sprint. But SoftBank said Sprint will merge with T-Mobile and will no longer be its subsidiary. The U.S. Depart ...