SoftBank swings unveils $3.4b buyback

SoftBank Group, a Japanese technology investor, reported a small net profit in the April-June quarter and announced a share buyback plan of up to $3.4 billion in response to investor demands for improved returns.

The company recorded a net profit of 10.4 billion yen ($70.7 million), a significant improvement from the 316.2-billion-yen loss in the same period last year.

However, it fell short of the expected 109 billion yen ($748 million) based on analyst estimates compiled by LSEG and Reuters.

SoftBank announced plans for a substantial share buyback of up to 6.8 per cent of its outstanding shares, valued at approximately 500 billion yen. The company intends to execute these buybacks over the next year.

Attribution: Reuters