SoftBank Q1 profit jumps 49 percent on Flipkart stake sale

  • SoftBank reported first quarter earnings on Monday.
  • The Japanese firm said operating profit rose 49 percent thanks to the sale of its stake in India's Flipkart.
  • Profit was also bolstered by the sale of the majority of chip designer ARM Holding's Chinese operations to a local consortium.
SoftBank Group Corp. founder, Chairman and CEO Masayoshi Son.
Alessandro Di Ciommo | NurPhoto | Getty Images
SoftBank Group Corp. founder, Chairman and CEO Masayoshi Son.

Japan's SoftBank Group Corp on Monday reported a 49 percent rise in first-quarter operating profit, boosted by the sale of its stake in Indian e-commerce firm Flipkart — the first public divestment by its Vision Fund.

The telecoms and technology firm's profit was also bolstered by the sale of the majority of chip designer ARM Holding's Chinese operations to a local consortium.

Profit for the three months through June was 715 billion yen ($6.42 billion)] from 479 billion yen a year earlier, SoftBank said.

That compared with an average estimate of 447.5 billion yen from two analysts polled by Thomson Reuters.

SoftBank did not release a forecast for the current business year, saying there were too many uncertain factors.