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Companies

Flea market operator Mercari in search of new hit services

Former Japanese unicorn sinks deeper into the red on heavy US spending

Mercari is currently in a "growth phase," CEO Shintaro Yamada, right, said at the earnings event Thursday.

TOKYO --Mercari's first earnings as a publicly traded company highlight its dependence on the core flea market business in Japan, as the company explores new growth engines through trial and error.

Flea market app provider Mercari sustained a 7 billion yen ($63 million) net loss in the year ended June, far worse than the previous year, as vigorous spending in its most prized market of the U.S. squeezes earnings from core Japanese operations.

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