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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Softbank profit soars, buys stake in Ustream By TOMOKO A. HOSAKA,Associated Press Writer - Wednesday, February 3 Send IM Story Print TOKYO – Softbank Corp., which operates Japan's sole iPhone carrier, said Tuesday fiscal third-quarter profit soared 41 percent, and announced a $20 million investment in video streaming provider Ustream Inc. The Tokyo-based company credited its robust mobile operations for driving a 24.11 billion yen ($265 million) net profit during the October-December quarter, up from 17.07 billion yen a year earlier. Revenue rose 7 percent to 696.0 billion yen from 653.2 billion yen. Softbank said mass adoption of the iPhone bolstered profits during the quarter, and Apple's Internet-friendly device helped drive its data-related revenue per user to a new high. Operating profit in its mobile business, which is its biggest division, shot up 80 percent from a year earlier. But its ambitions extend beyond Japan, and Softbank accelerated its international push by adding a new American partner with similar global aspirations. Softbank said it had acquired a 13.7 percent stake in Ustream, which could increase to more than 30 percent if it exercises all options to obtain more shares by July 2011. Based in Mountain View, California, Ustream provides an interactive platform for users to broadcast live to the Internet and mobile devices. Founders John Ham, Brad Hunstable and Gyula Feher started the company in 2006, originally as a way to help soldiers overseas connect with their family and friends back home. The service has grown since then, with more than 3.8 million viewers watching President Barack Obama's inauguration through the site. Its iPhone application has been downloaded more than 1.5 million times, according to the company. Partnering with Softbank will help the startup access a lucrative Asian market, which boasts advanced mobile infrastructure and higher 3G penetration than the United States. "Asia offers a significant, untapped market opportunity for streaming video," Ham said in a statement. "Softbank will enable us to develop this opportunity and deliver on our vision of live streaming video everywhere." Ustream said it expects to receive additional funding from other investors in the U.S. and Asia, but did not provide details. For Softbank, the purchase represents its belief in Ustream's "high potential to provide next generation services using the Internet" and adds to its various overseas tie-ups. It already has stakes in social networking application provider RockYou Inc. and Oak Pacific Interactive., a Chinese social networking company that runs the popular site Xiaonei. Softbank runs the smallest of Japan's three main mobile carriers but has gained market share by repeatedly slashing prices and introducing popular ad campaigns with major stars. Softbank's other main source of profit is its Internet holdings, which include Yahoo Japan and a large domestic stock-trading site. The company's big jump in quarterly profit came despite special accounting charges of about 47 billion yen it booked during the period, related to phasing out equipment for older network services and upgrades to current equipment. For the full fiscal year through March, the company kept its operating profit forecast at 420 billion yen. Softbank didn't provide revenue or net profit forecasts. In Tuesday trade, which finished before the earnings were announced, the company's shares rose 2.9 percent to 2,422 yen. ____ AP Writer Jay Alabaster contributed to this report. 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