Softbank reports falling quarterly profits

Softbank reports falling quarterly profits

Softbank has come out with their latest quarterly revenue report and the company has posted a 66 per cent decrease in their profits.

The company suffered from high costs of sales promotion. The net income in the quarter was 7.494 billion yen down massively from 22 billion yen in the same period a year before.

Softbank added in the report that the sales were up at 702.19 billion yen from figures of 287.47 billion yen a year before.

Company’s CEO Masayoshi Son said in a statement: “A variety of sales campaign costs are affecting our earnings.”

Softbank spent a hefty 227.3 billion yen on marketing and other administrative initiatives during the period which affected their profits.

The company said that they added 189,000 subscribers to bring its total to 15.49 million by year-end.