Rakuten Group, Inc. (RKUNF)
- Reuters
Rakuten logs 15th quarter of losses on mobile woes despite record financial unit profit
TOKYO (Reuters) -Japan's Rakuten on Tuesday logged its fifteenth consecutive quarter in the red as losses at its mobile service network unit outweighed a record performance from its financial unit. Its financial unit which offers online banking, brokerage, credit card and insurance services, logged an operating profit of 39.3 billion yen, up 47% from a year earlier, as its customer base grew. Rakuten has offered generous joining bonuses for new customers, who gain further discounts and perks across the other services in Rakuten's ecosystem, helping generate subscriber growth but limiting the unit's profits.
- Bloomberg
Telecom Tycoons Feel Pain From Rising Mobile Woes
(Bloomberg) -- Billionaires who built their fortunes rolling out wireless networks when debt cost almost nothing are seeing their wealth crimped by higher borrowing costs and caution among money managers on the outlook for the industry.Most Read from BloombergUS and Saudis Near Defense Pact Meant to Reshape Middle EastTesla Axes Supercharger Team in Blow to Broader EV MarketNYPD Arrests Over 300 Protesters in Crackdown on College CampusesThe Ozempic Effect: How a Weight Loss Wonder Drug Gobbled
- Bloomberg
Rakuten’s Costly Junk Bonds Signal Challenge for Japanese Billionaire Mikitani
(Bloomberg) -- After five straight years of losses, billionaire Hiroshi Mikitani’s Rakuten Group Inc. is trying to bounce back from a move into mobile that cost it billions of dollars. Doing so is proving expensive.Most Read from BloombergBeyond the Ivies: Surprise Winners in the List of Colleges With the Highest ROIIran’s Attack on Israel Sparks Race to Avert a Full-Blown WarChina Tells Iran Cooperation Will Last After Attack on IsraelApple Faces Worst iPhone Slump Since Covid as Rivals RiseTes
