Rakuten third-quarter profit almost wiped out as Lyft stake value slides

Rakuten Inc's quarterly operating profit was almost wiped out in the three ...

TOKYO - Rakuten Inc’s quarterly operating profit was almost wiped out in the three months ended September as the value of its investment in ride-hailing firm Lyft slid.

The Japanese company’s operating profit came in at 1.1 billion yen in the third quarter, versus a profit of 43.9 billion yen a year earlier. Earlier this week, Rakuten said it would book a 103 billion yen writedown on its 11% stake in Lyft Inc. The writedown comes at an inopportune time for billionaire founder and CEO Hiroshi Mikitani, who is also under pressure due to a delay in the firm’s entry into the mobile industry and tighter margins at its e-commerce business.

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