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Japan's Rakuten posts $564m Q1 loss on weak mobile business

Company to sell its stake in Seiyu supermarket chain to KKR to raise cash

A poor showing by Rakuten's mobile communications business, which had an operating loss of 102.7 billion yen in January to March, dragged the company's earnings lower in the quarter.   © Reuters

TOKYO (Reuters) -- Japanese e-commerce and fintech giant Rakuten Group on Friday posted an operating loss of 76.2 billion yen ($564.24 million) for the first three months of 2023, dragged down by its money-losing mobile phone business.

Rakuten posted a January-March loss of 102.7 billion yen for the mobile business -- though that was narrower than in the same period a year earlier.

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