UPDATE: SoftBank Posts Upbeat Q1 Operating Profit

SoftBank (OTC: SFTBY) reported better-than-expected first-quarter operating profit.The Tokyo, Japan-based company's quarterly operating profit slipped 15.6% to 337.6 billion yen, beating analysts' estimates of 302 billion yen, according to Thomson Reuters StarMine. Excluding a 150 billion-yen gain related to acquisition of Gungho Online Entertainment in the year-ago period, the company's operating profit surged 35% y/y.Its net income declined 68% to 77.6 billion yen ($763 million), from 244.4 billion yen in the year-ago period.SoftBank's sales surged to 1.99 trillion yen in the quarter. It added 548,000 net users in Japan, down from 947,000 users in the year-ago period.Mobile communications segment's net sales rose 33.4% to ¥882,901 million, while fixed-line telecommunications segment's net sales declined 1.2% to ¥131,836 million. Spring segment's net sales came in at ¥897,737 million, while internet segment's net sales climbed 0.7% to ¥96,858 million.Selling, general and administrative expenses rose 127.3% y/y to ¥506,657 million, while finance cost jumped 210.4% to ¥84,987 million.For the year to March 2015, SoftBank reiterated its operating profit forecast of 1 trillion yen, unchanged versus its prior outlook.SoftBank shares fell 0.53% to close at $33.90 yesterday.