Rakuten Group Shares Gain on Strong Business Outlook [MarketWatch]
RAKUTEN GROUP INC S/ADR (RKUNY)
NASDAQ:AMEX Investor Relations:
global.rakuten.com/corp/investors
Company Research
Source: MarketWatch
The stock rose to an eight-month high on Thursday, gaining nearly 16% to reach 731.30 yen (US$4.86). The jump takes the internet service provider's 12-month performance into positive territory with a 2.6% rise and puts the stock on track for its best day of gains since March 2021. Advertisement Rakuten said its consolidated revenue rose 7.8% on year to touch a record high of Y2.1 trillion and significantly reduced operating losses at its mobile business. Separately, the company said the decision by its board not to pay dividends of surplus for 2023 was aimed at building up its finances to fund growth without pressuring its balance sheet by relying heavily on debt. "The timing of resuming dividends after the fiscal year ending December 2024 has not been determined at this time, but we will strive to resume dividends in a timely and appropriate manner as we move toward achieving consolidated profitability as early as possible and reducing interest-bearing debt," it said. "Rak
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