Sprint Corporation

SoftBank raising stake in Sprint, reports falling profit

Japanese internet and solar company SoftBank Group Corp. is raising its stake in Sprint Corp. after merger talks with T-Mobile collapsed, signaling its commitment to a turnaround at the U.S. wireless carrier.

Tokyo-based SoftBank reported Monday that July-September net profit tumbled to 113 billion yen ($991 million) from 528 billion yen a year ago.

Quarterly sales rose nearly 4 percent to 2.23 trillion yen ($19.5 billion) on improved results at Sprint, as well as revenue from Arm, a British chips company SoftBank acquired last year.

Helping bring profit lower was the absence of last year's foreign-exchange gains, as well as derivative losses that came from its sale...

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