SoftBank first-quarter profit jumps 49 percent on sale of its Flipkart stake to Walmart

Japan’s SoftBank Group Corp on Monday reported a 49 percent rise in first-quarter operating profit, boosted by the sale of its stake in Indian e-commerce firm Flipkart — the first public divestment by its Vision Fund.

The telecoms and technology firm’s profit was also bolstered by the sale of the majority of chip designer ARM Holding’s Chinese operations to a local consortium.

Profit for the three months through June was 715 billion yen ($ 6.42 billion)] from 479 billion yen a year earlier, SoftBank said.

That compared with an average estimate of 447.5 billion yen from two analysts polled by Thomson Reuters.

SoftBank did not release a forecast for the current business year, saying there were too many uncertain factors.

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