SoftBank struggles with burden of Sprint

SoftBank chief executive Masayoshi Son again highlighted a “long and agonising battle” to turn round Sprint, as the Japanese company reported a slide in third-quarter profit.

SoftBank took control of the US number three wireless network a year and a half ago, but investors have yet to see the benefits of the $22 billion acquisition as losses continue at Sprint. For the three months through December, net profit dropped 79 percent from a year earlier to Y18.74 billion ($158 million), versus expectations of Y75.8bn. Sales were up 19 percent to Y2.33 trillion with the inclusion of acquisitions such as Finnish mobile game company Supercell and wireless distributor Brightstar. The cost of shedding headcount at Sprint, which announced 2,000 job losses in 2014, also lowered its operating profit in the first three quarters by Y29.51bn. “I am still very hopeful that the company will turn around. But it will be a long-term fight,” Son said.