Rakuten Shares Jump by Up to 16% After Mobile Unit Cuts Losses [BNN Bloomberg (Canada)]
RAKUTEN GROUP INC S/ADR (RKUNY)
NASDAQ:AMEX Investor Relations:
global.rakuten.com/corp/investors
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Source: BNN Bloomberg
Its shares gained as much as 16% in early Tokyo trading on Thursday. On Wednesday, the e-commerce pioneer said subscribers for its mobile services grew almost 30% in the December quarter to 6.5 million. Rakuten's mobile unit logged an adjusted quarterly operating loss of ¥68 billion ($453 million), compared with a loss of ¥106.4 billion the previous year. “There isn't much of a surprise, but there's a sense of relief to see progress,” SMBC Nikko Senior Analyst Kuni Kanamori said in a note to investors in Japanese. Rakuten has been struggling with mounting losses and debt ever since its 2020 foray into Japan's saturated wireless carrier market dominated by larger rivals NTT Docomo Inc., KDDI Corp. and SoftBank Corp. Rakuten has been ramping up a marketing push, and is slated to win a break-even target of 8 million to 10 million subscribers this year, founder and Chief Executive Officer Hiroshi Mikitani said during an earnings briefing Wednesday. The company will “flexibly consid
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