World Economy

SoftBank Profit Down 27%

SoftBank Profit Down 27%SoftBank Profit Down 27%

Japanese Internet company SoftBank Group Corp., which is struggling to turn around Sprint in the US, is reporting a 27% drop in profit for the fiscal year ended March 31, compared to the previous year, AP reported. Tokyo-based SoftBank reported Tuesday an annual net profit of 558.2 billion yen ($5.1 billion). Sprint, based in Overland Park, Kansas, which SoftBank acquired in 2013, has promised to create a superior network, offer competitive prices and provide better services, but its revival will likely take some time. SoftBank owns a stake in Chinese e-commerce company Alibaba Group Holding as well as Yahoo Japan.