TOKYO : Rakuten Group shares surged on Monday morning after the e-commerce giant reported narrowing losses at its cash bleeding mobile unit last week alongside assurances that it can cover its debt burden for the next financial year.
The April-June period was Rakuten's 12th straight quarter of losses as its mobile offering has failed to bring in the customers to cover the immense costs of building out the network.A Jefferies research note published after last Thursday's earnings release credited Rakuten's roaming agreement with KDDI, one of Japan's three incumbent networks, as enabling cost improvements at the newcomer.
Last week, Rakuten also announced plans to consolidate its payments and points businesses and fold them into Rakuten Card, its credit card and loans unit. It left open the possibility of listing the business in the future.
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