Japanese operator SoftBank Corp’s net income dropped in its fiscal Q3 2021 (calendar Q4), partly on an impairment charge booked by subsidiary Z Holdings following a drop in the share price of online retailer Demae-can, which the holding company owns a stake in.
A charge booked by SoftBank JV Z Holdings, which owns messaging service Line; Yahoo Japan; and financial services platform PayPay among other assets, had cut the operator’s bottom line by JPY4.1 billion ($35.7 million).
SoftBank Corp recorded revenue of JPY1.4 trillion in fiscal Q3, broadly flat on the comparable period of fiscal 2020.
Net income of JPY113.6 billion was down from JPY118.7 billion.
Across the opening nine months of its fiscal year, SoftBank Corp noted the consumer mobile segment had been hit by a reduction in mobile service prices, though there had been “steady increases” in its enterprise business in addition to a growth in messaging services and Yahoo Japan.
Despite the reduction in service revenue, SoftBank Corp noted a recovery in device sales.
The operator also pointed to progress on creating synergies across its various business lines, improving uptake of services such as PayPay and cutting churn in its mobile base.Subscribe to our daily newsletter Back