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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.

Rakuten invested $700 million in Lyft since 2015 and held a 13% stake before the initial public offering. The ride-hailer's stock closed its first day of trading at $78.29, giving the company a market capitalization of more than $22 billion.

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