Softbank earnings rise on investment fund gains

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TOKYO (AP) - Japanese technology company Softbank says its profits grew to 313.7 billion yen ($2.8 billion) in the latest quarter as it saw gains in its main investment fund.

The results reported Monday represent a more than 50-fold increase in profits for the April to June quarter compared to the same period last year. Sales edged up 4 percent to 2.3 trillion yen.

Softbank's Vision Fund agreed in May to sell its stake in Indian online retailer Flipkart to Walmart.

Sales were flat at the Tokyo-based company's U.S. mobile provider Sprint, dropping 0.4 percent to $8.1 billion.

Softbank's profits slumped to 5.5 billion yen in the April to June quarter last year on losses from its investment in Chinese e-commerce company Alibaba.

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This June 14, 2018, photo, shows the logo of Japanese mobile provider SoftBank at its shop in Tokyo. Japanese technology company Softbank said Monday, Aug 6, 2018, its profits grew to 313.7 billion yen ($2.8 billion) in the latest quarter as it realized gains from sales by its Softbank Vision investment fund. (AP Photo/Shuji Kajiyama) - The Associated Press


In this Nov. 10, 2017, photo, a man walks past an advertisement of SoftBank, in Tokyo. Japanese technology company Softbank said Monday, Aug 6, 2018, its profits grew to 313.7 billion yen ($2.8 billion) in the latest quarter as it realized gains from sales by its Softbank Vision investment fund. (AP Photo/Koji Sasahara) - The Associated Press