Rakuten Posts First Operating Profit Since Mobile Launch

Nov 14, 2024 | News On Japan

TOKYO - Rakuten Group reported an operating profit of 500 million yen for the quarter from July to September, marking a sharp turnaround from last year’s 54.4 billion yen loss and achieving its first quarterly profit in nearly four years.

The robust growth in its e-commerce and financial services businesses offset the losses in the mobile division, where heavy infrastructure investments continue.

Rakuten’s President Mikitani expressed confidence in bringing the mobile business to profitability “in the not-too-distant future.”

Additionally, on November 13th, Rakuten announced that its subsidiary Rakuten Card had entered a capital and business alliance with Mizuho Financial Group. A joint press conference is scheduled for November 14th to outline specific future initiatives.

Source: ANN

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