Softbank released its earnings for the first quarter ended 30 June 2008, revealing an 8.1 percent climb in operating profit to 85.1 billion yen ($788 million). Net income fell 22.9 percent to 19.4 billion yen ($180 million) from 25.1 billion yen ($233 million) year on year, while sales declined 2.4 percent to 647.3 billion yen ($6 billion). Still, the record operating profit, driven by reduced handset subsidies and new subscribers additions, missed analyst expectations, which according to a Bloomberg survey had forecast 86.1 billion yen ($798 million). Profitability took a hit as Softbank used discounts and installment plans to lure new customers from rivals NTT DoCoMo and KDDI.
Softbank, the only carrier in Japan to carry the iPhone, also announced that it would be cutting monthly tariffs for the handset, which Chief Executive Masayoshi Son said would make it