SoftBank posted a $2.4 billion profit in its fiscal first quarter, up 19 percent over the same period a yaer ago. Telecom revenues boosted quarterly sales to $20.3 billion, helping to offset losses from Sprint.

Sprint added an impressive 173,000 net postpaid phone customers in its latest quarter, but its net loss of $302 million was far wider than the $20 million loss it reported a year ago. SoftBank CEO Masayoshi Son said its U.S. operator is on the cusp of a turnaround, however.

"Sprint is no longer dragging us down but is about to turn into a cash maker for us," Son said. Article