Member access

4-Traders Homepage  >  News  >  Business Leaders  >  All news

Business Leaders

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 
HomeAll newsMost read newsBusiness Leaders Biography 
Masayoshi Son
Country of residence : Japan
Birthday : 08/11/1957
Linked companies : Softbank Corp

SoftBank's Son says new Sprint CEO a 'streetfighter', hints at price war

08/08/2014 | 10:53am US/Eastern
SoftBank Corp. Chief Executive Son attends a news conference in Tokyo

SoftBank Corp's (>> Softbank Corp) billionaire CEO said he chose a "streetfighter" to turn around U.S. carrier Sprint Corp (>> Sprint Corp), which faces an uphill battle for growth after abandoning plans to acquire rival T-Mobile US Inc (>> T-Mobile Us Inc).

SoftBank Corp's (>> Softbank Corp) billionaire CEO said he chose a "streetfighter" to turn around U.S. carrier Sprint Corp (>> Sprint Corp), which faces an uphill battle for growth after abandoning plans to acquire rival T-Mobile US Inc (>> T-Mobile Us Inc).

SoftBank CEO Masayoshi Son also told an earnings briefing on Friday that Sprint had beefed up its network to the point where it could start cutting prices and aggressively woo back subscribers - underscoring analysts' predictions that Sprint may embark on a price war to regain market share.

"Price competition will likely heat up," he said.

Sprint, the No. 3 U.S. mobile carrier, has been losing subscribers as it carries out a much-needed network upgrade. After dropping its bid to acquire T-Mobile US due to regulatory issues, it must now do battle on its own with dominant players AT&T Inc (>> AT&T Inc.) and Verizon Communications Inc (>> Verizon Communications Inc.), as well as the nimbler and fast-growing T-Mobile.

Son said that Sprint's new CEO, Bolivian-born Marcelo Claure, founder of handset reseller Brightstar Corp which was acquired by Softbank in January, had the guts and the experience in building up a company from nothing to take on the carrier's challenges.

"Marcelo is a street fighter," he said. "You look at his face and that's the sort of look he's got. He's got the look of an outlaw ... I'm confident that with him in charge, Sprint will be a very interesting company."

SoftBank, going into its first full financial year with Sprint, Brightstar, and game companies GungHo Online Entertainment Inc (>> GungHo Online Entertainment Inc) and Supercell Oy consolidated on its books, posted a 16 percent drop in first-quarter operating profit on Friday. However, the decline was not as severe as analysts had expected and reflected a large one-off windfall in the year-ago quarter related to its purchase of Gungho.

SoftBank kept its operating profit target for the full year to March 2015 steady at 1 trillion yen (5.83 billion pounds), little changed from last year's result of 1.08 trillion yen.

Analysts have said a price war could be a particularly heavy burden for Sprint, which still faces billions of dollars in further spending to build up its network.

In an indication of the challenges ahead, T-Mobile's Chief Executive John Legere taunted its one-time suitor with a tweet on Thursday that his company would overtake Sprint as the No. 3 carrier in U.S. mobile subscriber numbers by the end of the year.

The declaration came a day after T-Mobile said it surpassed Sprint as the No. 1 wireless provider for prepaid customers, with 15.64 million users, compared with Sprint's 15.19 million.

But Son said on Friday that Sprint was ready to go on the offensive.

"Until now, Sprint didn't have the network to participate much in tough price competition and marketing battles, but now it's ready to move aggressively."

(Editing by Edmund Klamann/Edwina Gibbs/Susan Fenton)

By Teppei Kasai and Yoshiyasu Shida

Latest news about Masayoshi Son 
Not just son, snapdeal co-founders too pitch in
1 day ago - Kunal Bahl and Rohit Bansal, co-founders of Snapdeal, have raised funding of $627 million for their company from Japanese billionaire Masayoshi Son's SoftBank. They also made personal investments in the ju
Japan's SoftBank to invest $10 billion in India
3 days ago - Telecom giant SoftBank has pledged an investment of US $10 billion in India's IT and communications space, one of the biggest investment commitments from a Japanese firm after Prime Minister Narendra Modi's
Japan's SoftBank to invest USD 10 billion in India
4 days ago - New Delhi, Oct. 28 : The Chairman and Chief Executive Officer of Japanese telecommunications and internet firm SoftBank Corporation,
Masayoshi Son Becomes Richest Japanese
09/18 - HANGZHOU, September 18, SinoCast -- When Alibaba will get listed in New York, majority shareholder
Advertisement
Popular Business Leaders 
Paul Allen Mukesh Ambani Bernard Arnault Luc Besson Vincent Bolloré Martin Bouygues Richard Branson Warren Buffett Steve Case Benjamin De Rothschild Barry Diller John Fredriksen Bill Gates Philip Green Carl Icahn Steve Jobs Li Ka-shing Peter Lynch Maurice Lévy Lakshmi Mittal Rupert Murdoch Xavier Niel Nelson Peltz Zong Qinghou Jim Rogers Johann Rupert Naguib Sawiris Carlos Slim George Soros Donald Trump
A-Z Business Leaders
Most Read News 
Time ripe for all apple products to enter China market
10/24 - Apple Inc Chief Executive Officer Tim Cook said he hopes to adapt all of Apple's developments to work for the Chinese mar...
Wall Street finally turning on Amazon as Bezos magic fades
10/24 - SAN FRANCISCO/BOSTON (Reuters) - Amazon.com Inc's once fairy-tale ride on Wall Street has hit its most jarring bump yet.
CPC's anti-graft campaign will never end
10/24 - Wang Qishan , head of China's top anti-graft watchdog angency, meets David Rubenstein, chairman of the Advisory Boar...
Miami Real Estate in Investor Crosshairs; Plaudits for Zuck's Mandarin; and Fearlessness of Ebola
6 days ago - Every day, FP's China team at the Tea Leaf Nation channel scours dozens of Chinese media outlets to find compelling stori...
GMHC Collaborates With Walgreens to Provide Onsite Pharmacy Services
7 days ago - NEW YORK, Oct. 24 -- Gay Men's Health Crisis issued the following news release: Gay Men's Health Crisis and Walgreens to...
More news
Dynamic quotes  
ON
| OFF