Tokyo, Japan - Rakuten Group, Inc. announced that its consolidated non-GAAP operating loss improved significantly, and its EBITDA became profitable for the first time in three years.
The announcement was made as part of the company's full year and fourth quarter financial results.
Overall, the Japanese e-commerce and technology giant saw consolidated revenue rise 7.8% year-on-year to JPY 2.713 trillion, marking a steady trajectory of 27 consecutive periods of revenue growth.
The company cited increased profits in its FinTech segment and a significant reduction in losses in its mobile division as key factors.
Key Points
- Overall Profitability: Consolidated non-GAAP operating loss narrowed to JPY 153 billion, an improvement of JPY 182.2 billion from the previous year. EBITDA reached JPY 148.2 billion.
- FinTech growth: Revenue in the FinTech segment increased 11.2% yearly to JPY 725.2 billion. The number of Rakuten Cards issued exceeded 30 million.
- Mobile momentum: Rakuten Mobile showed progress as non-GAAP operating loss improved to JPY 337.5 billion, and standalone revenue increased by 17.7% yearly.
What They Say:
"In FY2023, we achieved revenue growth in all segments and consolidated non-GAAP operating loss improved by JPY 182.2 billion year on year," commented Hiroshi Mikitani, chairman and CEO of Rakuten Group, Inc.
