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SoftBank unveils $5.5 bln buyback

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SoftBank unveils $5.5 bln buyback

SoftBank unveils $5.5 bln buyback

Japan's SoftBank Group Corp announced a $5.5 billion share buyback on Wednesday as it reported a 60 percent increase in quarterly operating profit buoyed by rising valuations for its technology investments.

Francesca Lynagh reports.


SoftBank unveils $5.5 bln buyback

Japan's Softbank Group reported a 60 percent rise in quarterly operating profit in Q3 - prompting a $5.5 billion share buyback.

In the October-December quarter, Softbank Group said its operating profit was 438.3 billion yen - just under four billion dollars … And a significant jump from 274 billion yen the previous year.

The group announced on Wednesday that it would repurchase 112 million shares worth 600 billion yen in the next 11 months.

That's about 10.3 percent of its total outstanding shares.

The buyback comes after SoftBank Group raised 2.35 trillion yen in December by listing about a third of the shares in domestic telco SoftBank Corp.

At the end of Q3, Softbank's Saudi-backed Vision Fund had made 49 technology investments - in firms like Uber and WeWork.

According to the group, which owns mobile carrier Sprint, those investments are valued at $55.3 billion.

SoftBank Group shares are up 16 percent this year, but still 26 percent below their September peak... having tumbled on concerns about financial ties to Saudi Arabia following the murder of a Saudi journalist.

The technology and telecoms conglomerate did not release a forecast for the current business year… saying there were too many uncertain factors.

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