Shares of SoftBank Group rose sharply, by 17% - ConsultFX

Shares of SoftBank Group rose sharply, by 17%


The value of shares of the Japanese telecommunications media corporation SoftBank Group rose by more than 17% after reporting repurchase of shares and publication of a report on a record increase in quarterly earnings.

As a result, the company's market capitalization increased by $ 14 billion, reaching $ 100.10 billion. SoftBank shares rose 17.7% to 9.962 yen, the maximum in 5 months, showing a record intraday increase in the last 10 years.

SoftBank management announced that it will hold a repurchase of shares in the amount of $ 5.46 billion at the expense of funds received from the December IPO of the telecommunications division of the corporation.

SoftBank Group operating profit in the last quarter of 2018 was $ 3.99 billion, an increase of 38% over the same period a year earlier.

The material has been provided by InstaForex Company -