SoftBank cuts FY profit target

SoftBank Corp, the Japanese mobile carrier with ambitious plans to grow overseas, slashed its full-year profit forecast on bleak prospects for its US Sprint Corp business as it reported a 23 percent drop in second-quarter operating profit. In a statement on November 04, SoftBank said it now expects an operating profit of 900 billion yen ($7.9 billion) in the 12 months through March 2015, 10 percent down from the 1 trillion yen it previously forecast.
SoftBank bought the number the three U.S. mobile carrier for $21.6 billion last year. On November 03, Sprint said it will fire 2,000 employees and make leadership changes as it seeks to cuts costs after several quarters of losses.
The Japanese company also said July-September operating profit was 259.0 billion yen, down from 337.1 billion a year earlier and below the 296.9 billion yen average of estimates made by four analysts, according to Thomson Reuters StarMine.