Rakuten Group Logs 5th Consecutive Jan.-March Loss

Economy

Tokyo, May 14 (Jiji Press)--Japanese e-commerce giant Rakuten Group Inc. on Tuesday reported a consolidated net loss of 42.3 billion yen for January-March, its fifth consecutive first-quarter red figure, though smaller than the 82.5-billion-yen loss a year earlier.

The group remained in the red as its Rakuten Mobile Inc. unit has been burdened with the development of mobile base stations since the company fully entered the mobile phone business in 2020.

The group booked an adjusted operating loss of 71.9 billion yen in the mobile phone business, shrinking from the year-before loss of 102.6 billion yen, thanks to an increase in the number of subscribers.

Meanwhile, it enjoyed profit growth in the internet business, including the Rakuten Ichiba cybermall, and in the financial business, including Rakuten Card credit card operations.

Rakuten Mobile had 6.8 million subscribers as of Monday. It introduced discount programs for families and students earlier this year.

[Copyright The Jiji Press, Ltd.]

Jiji Press