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SoftBank Corp fourth quarter profit falls 17 percent, misses estimates

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SoftBank Corp fourth quarter profit falls 17 percent, misses estimates
FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato   -   Copyright  Issei Kato(Reuters)
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TOKYO (Reuters) – Japanese telco SoftBank Corp reported a 17 percent drop in quarterly operating profit, missing analysts’ expectations even as revenue grew.

SoftBank Corp, which listed in December in Japan’s largest ever IPO, reported profit of 84.5 billion yen (587.7 million pounds) for the fourth quarter ended March, versus 102.3 billion yen a year ago.

That compared with a 93 billion yen average of three analyst estimates compiled by Refinitiv.

Japan’s third-largest telco said it sees operating profit rising 24 percent to 890 billion yen in the current financial year.

The forecast assumes Yahoo Japan becomes a consolidated subsidiary. SoftBank said on Wednesday it would up its stake in Yahoo Japan to 44.64 percent from 12.08 percent.

SoftBank Corp parent SoftBank Group Corp reports its fourth-quarter earnings on Thursday.

(Reporting by Sam Nussey; Editing by Himani Sarkar and Sonali Paul)

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