Japanese e-commerce firm Rakuten Inc's first-quarter operating profit jumpe...
TOKYO - Japanese e-commerce firm Rakuten Inc’s first-quarter operating profit jumped fourfold as it booked a $1 billion gain on its stake in U.S. ride-hailing company Lyft Inc.
Rakuten has grabbed investor attention with its overseas tech bets, despite modest means compared with bigger Japanese rival SoftBank Group Corp, whose founder and CEO Masayoshi Son has tapped Saudi Arabian oil money and abundant cash from SoftBank’s telco business to fund his tech investments. The tech bets have helped drive Rakuten’s shares up 56% this year, making it one of the top performers in the Nikkei 225 index.
Rakuten is under pressure on multiple fronts as it invests in areas such as logistics to bolster its core online mall business amid competition from rivals like Amazon.com Inc and SoftBank-backed Yahoo Japan Corp, while also spending on areas like financial services and telecoms.
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