Behind SoftBank's $7.7 Billion Profit: Help From T-Mobile -- WSJ

Dow Jones11-12 20:45

By Eliot Brown

Global tech investor SoftBank posted a $7.7 billion profit in the third quarter, its largest in two years by far. Aiding results: a run-up in shares from an old investment in T-Mobile that long provided humdrum returns.

SoftBank said the stake added about $2.5 billion in profit in the quarter. That came on top of smaller, but still sizable, gains in its holdings of Korean e-commerce giant Coupang and Chinese ride-hailing company Didi.

The gains come over a decade after SoftBank bought U.S. carrier Sprint in 2013, intending to merge it with T-Mobile and create a giant mobile provider to compete head-to-head with AT&T and Verizon. SoftBank ran into resistance from the Obama administration, but the two ultimately merged in 2020.

While T-Mobile stock languished in the early years of the decade, it has been on a tear since late 2023, aided by strong profits:

In all, SoftBank says the 2.1 trillion yen-$13.6 billion in today's dollars-that it invested, starting with the Sprint acquisition, including debt, turned into the equivalent of $36 billion by Sept. 30.

Dig deeper into Tuesday's earnings here.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

November 12, 2024 07:45 ET (12:45 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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Aiding results: a run-up in shares from an old investment in T-Mobile that long provided humdrum returns. \n\n\n     SoftBank said the stake added about $2.5 billion in profit in the quarter. That came on top of smaller, but still sizable, gains in its holdings of Korean e-commerce giant Coupang and Chinese ride-hailing company Didi. \n\n\n     The gains come over a decade after SoftBank bought U.S. carrier Sprint in 2013, intending to merge it with T-Mobile and create a giant mobile provider to compete head-to-head with AT&T and Verizon. SoftBank ran into resistance from the Obama administration, but the two ultimately merged in 2020. \n\n\n     While T-Mobile stock languished in the early years of the decade, it has been on a tear since late 2023, aided by strong profits: \n\n\n     In all, SoftBank says the 2.1 trillion yen-$13.6 billion in today's dollars-that it invested, starting with the Sprint acquisition, including debt, turned into the equivalent of $36 billion by Sept. 30. \n\n\n      Dig deeper into Tuesday's earnings here. \n\n\n       This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage). \n\n\n  (END) Dow Jones Newswires\n\n\n  November 12, 2024 07:45 ET (12:45 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2482706150"}