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.