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From unicorn to reality, Mercari searches for the magic

Flea market app turns in $24.6m loss to nervous investors

CEO Shintaro Yamada had warned investors that Mercari was not for short-term gains.   © Reuters

TOKYO -- In its initial quarter after listing on the Japanese stock market, flea market app Mercari has yet to demonstrate a viable pathway to profitability, a predicament that has wiped 40% off its market value.

Mercari reported Thursday a consolidated net loss of 2.8 billion yen ($24.6 million) for the three months ended September, a deterioration from the 2.1 billion yen loss logged a year earlier.

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