World Economy

SoftBank Cuts FY Profit Target

SoftBank Cuts FY Profit TargetSoftBank Cuts FY Profit Target

SoftBank Corp, the Japanese mobile carrier with ambitious plans to grow overseas, slashed its profit forecast as Sprint Corp, the US carrier it bought for $21.6 billion, continues to lose customers with no quick fix in sight, Reuters reported. In a statement on Tuesday, SoftBank said it now expects an operating profit of 900b yen ($7.9b) in the 12 months through March 2015, 10 percent down from the 1 trillion yen profit it previously estimated, citing Sprint’s troubles. On Monday Sprint said it will fire 2,000 employees and make leadership changes as it seeks to cuts costs after several quarters of losses.