Rakuten posts improved 2024 results, cites mobile progress

Rakuten Group (TSE: 4755) announced a significant improvement in its consolidated financial results for the fiscal year ended December 31, 2024, driven by revenue growth across its Internet Services, FinTech, and Mobile segments. Revenue increased by 10.0% year-over-year to ¥2,279.23 billion. The company reported an operating profit of ¥52.975 billion, a substantial turnaround from the previous year's operating loss, propelled by enhanced profitability in Internet Services and a full year of profitability in its International Business Unit. A partial reversal of deferred tax assets as well as impairment losses of 9,662 million yen related to fixed assets from their general insurance business tempered the group’s overall profit picture. Rakuten Mobile achieved a standalone monthly EBITDA positive in December, marking a turning point since entering the MNO business. Rakuten recorded a net loss attributable to owners of the parent of ¥162.442 billion, improved from last year’s ¥339.473 billion loss.