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Companies

Rakuten to book $990m profit from Lyft IPO

Japanese online mall operator's shares dip after surging 40% this year

For Rakuten, the investment in RedDoorz pits it against rival SoftBank once again, as its founder Hiroshi Mikitani, aims to create a global tech giant of his own.

TOKYO -- Japanese e-commerce group Rakuten on Monday said it will post a 110 billion yen ($990 million) profit in its first-quarter earnings from a jump in the value of its stake in Lyft, after the U.S. ride-hailing company went public on Friday.

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