Rakuten wesentlich besser als Rocket

- und daher habe ich mir nach dem Einstieg bei Alibaba, die inzwischem mehr als 20% gut gemacht haben, auch einige Rakutens gekauft.

Look Out Amazon, Here Comes...Rakuten?
Japanese e-commerce firm Rakuten announced on Tuesday it is acquiring Ebates for $1 billion.

The acquisition, which Rakuten hinted at last week, is part of the Japanese company?s push to grow its base beyond its domestic market and hopefully, become a global player. Having made some $1.2 billion acquisitions to date along these lines, this is Rakuten?s most ambitious move to date.

However, investors are dubious that the company can absorb yet another foreign acquisition, much less one the size of Ebates, despite Rakuten?s strong cash position.
Then there is the ever-present Amazon, which dominates the e-commerce market in the U.S. Few believe it will falter in the face of Chinese giant Alibaba, much less a Rakuten-Ebates combo.

Rakuten Goes Forth

Not surprisingly, Rakuten says it is undaunted. For starters, it has assembled a very interesting mix of acquisitions. There is messaging app Viber, which it purchased for $900 million in February, the Canadian ebook offering Kobo, Spanish video service Wuaki.tv, Viki, a digital content platform and Buy.com.
Now it has picked up Ebates.

http://www.forbes.com/sites/erikamorphy/2014/09/...ere-comes-rakuten/  

Wurde das Nichtereignis in 13034 von so vielen falsch interpretiert oder glaubten "besonders Schlaue", dass viele Dümmere als sie das falsch interpretieren würden?

Die Kurse am Freitag in Tokio werden das zeigen.  

Rakuten Mobile confident of profit target

May 14, 2025

Rakuten Mobile chair Mickey Mikitani highlighted a modest Q1 EBITDA profit of JPY102 million ($693,757), excluding fixed asset tax, as proof its operations are moving toward profitability in 2025, as customer additions in Japan accelerate.

Mikitani said a net lower loss has continued since last year, ?demonstrating steady progress toward full-year EBITDA profitability?. He added improvements in network quality and customer acquisition strategies are showing results, and ?we expect further growth going forward?.

He suggested reciprocal tariffs with the US will have no direct impact on the procurement or supply of equipment for the operator.

Mobile segment revenue increased 10.9 per cent year-on-year to JPY100.7 billion, and non-GAAP operating loss improved by JPY14.3 billion to JPY51.3 billion.

https://www.mobileworldlive.com/rakuten/...%2520Japan%2520accelerate.
 

Net Income numbers which only describe the real facts

Non-GAAP  (Millions of Yen)

Three months ended March 31, 2024    Three months ended March 31, 2025
Revenue  513,624  562,704

Non-GAAP Operating Loss
(25,449)   (305)

25Q1tanshin_E.pdf
 

Higher profit in all segments (Loss improvement for Mobile)

Reduced loss from increased revenue at Rakuten Mobile, and large increases in profits at Rakuten Bank and Rakuten Payment drove significant growth

Net income of Internet Services Segment grew 25,8% from 10.5 billion Yen to 13.2 billion Yen.

Net income of FinTech Segment grew 25,8% from 10.5 billion Yen to 13.2 billion Yen.

Net Loss of Mobile Segment lowered 14.3 billion Yen from 65.6 billion Yen to 51.3 billion Yen.

Total Q1/2025 Consolidated Non GAAP operating income: Loss was lowered 25.1 billion Yen from 25.4 billion Yen to only 0.3 billion Yen (= about $2 million = near flat or break-even).

25Q1tanshin_E.pdf
 

Rakuten Mobile posted a positive earnings figure for the first quarter of the year, albeit a moderate one, and insists it is on track to end 2025 in the black.
May 14, 2025

Japan's newest mobile operator posted EBITDA of 102 million yen for the three months to the end of March, which is just shy of US$700,000. Hardly a king's ransom, but an important step on the road to full-year earnings profitability, a goal the company has been shooting for since it launched services on its 5G network in 2020.

It was initially aiming for breakeven in fiscal 2023, but despite a growing customer base it didn't get there; the cost of building out a new network from scratch took its toll. It recorded its first month of EBITDA profitability in December ? although 2024 as a whole saw a JPY53.8 billion ($368 million at current exchange rates) earnings loss ? and is clearly still heading in the right direction.

It's worth noting that the positive Q1 EBITDA figure excludes property taxes, which impact on the company's first quarter results every year. But essentially, it can now declare that it has recorded its "first ever profitable quarter."


https://www.telecoms.com/operator-ecosystem/...s-ebitda-positive-just
 

Under IFRS accounting, perpetual subordinated $-bonds yen value is fixed at the historical rate at the time of issuance. But the value of the $-hedging of perpetual subordinated bonds were lowered 33.8 billion yen.

The result is an IFRS-reporting of a negative influence of 33.8 billion yen, which doesn?t real exist.
And therefore is a reporting, that the company?s net loss for the three months to March widened to 73.47 billion Yen ($500 million) from 42.39 billion Yen a year ago misleading, because the real loss was not the amount ¥73.47 billion it was only 39.7 billion Yen (substraction of 33.8 billion Yen from 73.47 billion Yen).
 

Rakuten Group reported consolidated revenue of 562.7 billion Yen ($3.63 billion) for the quarter ending March 31, 2025, up 9.6% year-over-year. Its IFRS operating loss improved significantly, narrowing from 33.3 billion Yen ($215 million) in Q1 2024 to 15.4 billion Yen ($99.5 million) in Q1 2025. However, net loss widened to 73.5 billion Yen ($474 million) from ¥42.4 billion Yen ($274 million) last year, due largely to non-operational factors including unrealized losses on hedging instruments tied to currency volatility.

https://www.rcrwireless.com/20250515/business/rakuten-earnings
 

Total Q1/2025 Consolidated Non GAAP operating income: Loss was lowered 25.1 billion Yen from 25.4 billion Yen to only 0.3 billion Yen (= about $2 million = near flat or break-even).  

Rakuten will reach a positive Non GAAP net income in Q2 after the reach of break-even (only negative $ 2 million) in Q1/2025: Loss was lowered 25.1 billion Yen from 25.4 billion Yen to only 0.3 billion Yen (= about $2 million = near flat or break-even).

After my estimates the Non GAAP net incomes in the next quarters of 2025 will be:
Q2/2025: 7 billion Yen
Q3/2025: 14 billion Yen
Q4/2025: 21 billion Yen
That are together 42 billion Yen (about $ 300 million) in 2025 ? not a gigantic amount, but an important progress

If this progress will continue in 2026, the number will be:
Q1/2026: 28 billion Yen
Q2/2026: 35 billion Yen
Q3/2025: 42 billion Yen
Q4/2025: 49 billion Yen
That are together 154 billion Yen (about $ 1.1 billion) in 2026 ?an important progress.

By an valuation of this $1.1 billion with an P/E of only 20, the valuation of Rakuten would be $22 billion = about $10/share.
 

Take a look at the changes of Gains (Losses) on Valuation of Investment Securities of 28.1 billion Yen and Gains (Losses) on Valuation of Derivatives of 22.2 billion Yen

Consolidated Financial Results Summary (2)
(JPY bn, rounded) Q1/24 Q1/25 YoY
Non-GAAP Operating Income (Loss)-25.4-0.3 +25.1
Amortization of Intangible Assets-1.8-1.4 +0.5
Stock Based Compensation-3.8-4.4-0.6
One-Off Items-2.2-9.4-7.2
IFRS Operating Income (Loss)-33.3-15.4 +17.8
Financial Income (Expenses), Net 6.6-30.8-37.4
Gains (Losses) on Valuation of Investment Securities 25.6-2.5-28.1
Gains (Losses) on Valuation of Derivatives 12.5-9.7-22.2
Interest Expenses-16.9-21.8-4.9
Foreign Exchange Profits (Losses)-11.3 2.8 +14.1
Others-3.3 0.4 +3.7
Share of Profit (Losses) of Investments in Associates and Joint Ventures-1.8 0.4 +2.2
Profit (Loss) Before Income Tax-28.5-45.8-17.4
Tax Expenses 7.4 16.0 +117.7%
Net Income (Loss)-35.8-61.9-26.0

25Q1PPT_E.pdf

Gains (Losses) on Valuation of Investment Securities are unparalleled.

Gains (Losses) on Valuation of $-Derivatives are without any influence, because by a loss of the $-Derivatives you save the same amount, because you need less Yen to repay a fixed $-amount.


 

For all  $- and ?-bonds issued between 2021 and 2024, Rakuten entered into currency swaps. The result: if exchange rates fluctuate, principal and interest payments are fixed in yen, and there is no impact on Rakuten?s cash flow - this does not involve any cash outflow and has no substantial impact on the finances of Rakuten.

But reported were a JPY 33.8 billion hedging loss with stronger yen related to this perpetual subordinated bonds.

Own transcript from Q1-Conference Call


 

Update to Rakuten Symphony: In Q1/25, Rakuten Symphony signed contracts with 13 new companies and established partnerships with 9 companies.

Source: Own transcript from Q1-Conference Call
 

Rakuten Payment?s growth in transaction volume continue and leading to an expansion of operating income. This summer, the Rakuten Pay app began offering insurance products and secure new revenue streams.

Own transcript from Q1-Conference Call
 

CFO Kenji Hirose clarified during Rakuten?s earnings call that the widened net loss was primarily driven by technical hedging impacts, not underlying business deterioration.

https://www.rcrwireless.com/20250515/business/rakuten-earnings
 

As one of the first large-scale mobile operators to build a fully virtualized, cloud-native network from scratch, Rakuten Mobile has earned its reputation as a telecom maverick. Its risk-heavy approach has taken time to mature ? but signs of payoff are emerging.

Rakuten?s Q1 results highlight how a non-traditional player can reshape the mobile business through ecosystem integration, software-defined networking and a cloud-first foundation ? all of which set the stage for an AI-first future. For telecom operators and ecosystem stakeholders, the message is clear: AI-driven service optimization is becoming critical to margin expansion and personalization, while Open RAN and virtualization offer real structural cost benefits.

https://www.rcrwireless.com/20250515/business/rakuten-earnings
 

Taste and Choose Your Gift! Rakuten Ichiba Hosts Mother's Day Gourmet Festival | RNN

May 19, 2025

A pop-up event where visitors could sample popular gourmet products for Mother's Day gifts sold on Rakuten Ichiba was held at MARK IS minatomirai shopping center in Yokohama. In recent years, there has been an increase in events that link offline and online experiences, allowing customers to pick up and taste products of interest, and then make purchases on Rakuten Ichiba. We asked visitors, participating merchants, and Rakuten representatives about the appeal of this event.

https://www.youtube.com/watch?v=ZnudTIbTddc
 

Cabify zündet den Turbo: 8.500 neue Wagen sollen die Straßen von Madrid fluten

25. April 2025

Die Autonome Gemeinschaft Madrid hat Cabify am Freitag über die Erteilung von 8.500 Lizenzen für Mietfahrzeuge mit Fahrer (VTC) informiert. Diese Lizenzen kommen zusätzlich zu den bereits seit fast acht Jahren in der Region beantragten Genehmigungen.

https://nachrichten.es/...n-von-madrid-fluten-so-schnell-solls-gehen/
 

Rakuten Kobo launches Kobo Plus in Mexico, Chile, Argentina, Peru and Colombia: Introducing a new era of unlimited digital reading and audiobooks

April 23, 2025

With the launch of Kobo Plus, readers in each country can now choose from three flexible subscription options:

Kobo Plus Read ? Unlimited access to over 1.5 million eBooks for a monthly cost of: $140 MXN (MX), $6.99 USD (AR), $7,000 CLP (CL), $29,000 COP (CO), S/.25.90 PEN (PE)
Kobo Plus Listen ? Over 200,000 audiobooks available for a monthly cost of: $140 MXN (MX), $6.99 USD (AR), $7,000 CLP (CL), $29,000 COP (CO), S/.25.90 PEN (PE)
Kobo Plus Read & Listen ? The perfect combination for those who enjoy both experiences, for a monthly cost of only: $180 MXN (MX), $8.99 USD (AR), $9,000 CLP (CL), $39,000 COP (CO), S/.35.90 PEN (PE)

 https://www.kobo.com/news/...unlimited-digital-reading-and-audiobooks


 

Die Rakuten Bank begann im Januar 2021 mit der Abwicklung der Rakuten Bank Reverse Mortgage (Zertifikatstyp) als eines der Schlüsselprodukte zur Lösung des Problems der Pensionsfonds in Japan, wo eine alternde Gesellschaft voranschreitet, und seitdem haben viele Kunden sie genutzt, und bis Ende Dezember 2024 hat der Saldo 10 Milliarden Yen überschritten.

Um den weiteren Bedürfnissen unserer Kunden gerecht zu werden, werden wir zusätzlich zum Zertifikatstyp mit einem neuen "Extrem-Typ" beginnen. "Rakuten Bank Reverse Mortgage (Extreme Type)" ist ein Kreditprodukt, das im Bereich des extremen Betrags wiederholt verwendet werden kann. Es kann nicht nur für Kunden verwendet werden, die sich Sorgen um die Altersvorsorge machen, sondern auch für verschiedene Zwecke, um ihr zweites Leben zu verbessern, wie z. B. "Ich möchte mir im Notfall einen Überschuss sichern" oder "Ich möchte Geld sichern, falls ich krank werde oder Pflege benötige", und es für Hobbys und Reisen verwenden.

https://www.rakuten-bank.co.jp/press/2025/250519.html
 

May 13, 2025

Join TelecomTV?s Ray Le Maistre and Francis Haysom from Appledore Research for an insightful discussion on the state of Open RAN in 2025. They discuss the journey of Open RAN ? from a promising innovation to a mature technology adopted by operators globally. Despite its growth, the industry faces challenges in terms of procurement, system integration, and aligning with the original vision of fostering innovation.

https://www.youtube.com/watch?v=jLf_l4jU6Lc&t=301s
 

Rakuten and Ukraine?s Brave1 Collaborate to Support Ukrainian Startups

Tokyo, Japan and Kyiv, Ukraine, May 20, 2025 - Rakuten Group, Inc. and Brave1, a Ukrainian government institution supporting defense technology innovation, today announced a joint initiative to explore various support for Ukrainian startups, including potential collaboration with the Japanese government and other partners.

As part of this initiative, Rakuten will power Brave1's booth exhibition at DSEI Japan, the country?s only large-scale defense and security trade show, taking place May 21-23, 2025, at Makuhari Messe. The exhibition will feature cutting-edge technologies and products from Ukrainian startups, with Rakuten aiming to assist their entry into the Japanese market.

Rakuten Group's mission is to contribute to society by creating value through innovation and entrepreneurship. Recently, innovation in civilian technology is rapidly transforming the defense landscape worldwide. As a global technology leader founded in Japan, Rakuten is uniquely positioned to connect these civilian advancements with the Japanese defense industry. This collaboration with Brave1 underscores Rakuten's support for Ukraine and its commitment to boosting the country's resilience and prosperity.

At the "Brave1 Powered by Rakuten" booth, attendees will have the opportunity to witness firsthand the advanced technologies and products developed by six Brave1-supported startups. Many have gained extensive practical experience in Ukraine, particularly in areas such as UAVs, MedTech, digital twinning and more.

https://global.rakuten.com/corp/news/press/2025/0520_01.html
 

From data to dollars: How Rakuten and Google closed the retail media loop
Hirotoshi Nakahara - May 2025

https://www.thinkwithgoogle.com/intl/en-apac/...dvertising-ecommerce/
 

Rakuten France: Auszeichnungen, die unser Engagement widerspiegeln

https://global.fr.shopping.rakuten.com/actualites/...nos-engagements/
 

In the fiscal year 2024, Rakuten Group generated over 221 billion Japanese yen in revenue through its advertising business.  

Rakuten Mobile hits profit at last, amid mixed O-RAN greenfield fortunes

21 May 2025

Rakuten Mobile is on the verge of reaching full-year EBITDA profitability on operations for the first time ? more than seven years after its foundation in January 2018. This is significant since this was the first full Open RAN greenfield, followed by Dish Network in the US, and 1&1 in Germany. Fortunes remain mixed for these principal greenfields, including Rakuten Mobile, at a time that brownfield Open RAN at last seems to be gaining momentum in the wake of AT&T?s $14 billion five-year deal with Ericsson, announced in December 2023. That has been followed by a few more significant brownfield Open RAN projects that are essentially single-vendor deployments at this stage, sometimes with ambitions to open up to other suppliers.

https://www.rethinkresearch.biz/articles/...-ran-greenfield-fortunes/