Rakuten posts 15th straight quarter of losses, topping $213 million this time

(Source: Reuters/Anton Bridge)

Japan’s Rakuten Group on Tuesday logged an operating loss of US$213 million in the January-March quarter, its 15th straight quarter in the red as losses in its mobile unit weighed on robust growth in its fintech business.

The operating loss is an improvement compared to a year earlier when the e-commerce and fintech group posted a loss of $486.9 million, though it narrowly undershot an average $204.5 million loss expected by six analysts polled by LSEG.

Rakuten’s fintech arm, which includes banking, securities brokering, credit card and insurance services, achieved its highest-ever operating profit of $251.1 million.

But Rakuten’s mobile business, which has struggled under spiralling build-out costs and lacklustre subscriber growth since its launch in 2020 recorded an operating loss of $459.5 million.

  • Reporting by Anton Bridge; Editing by Tom Hogue and Christopher Cushing, of Reuters.

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