Rakuten shares fall on debt concerns, profitability issues

Rakuten has a more than US$5bil (RM23bil) pile of notes maturing in the next two years, data compiled by Bloomberg showed. — Bloomberg

TOKYO: Shares of Rakuten Group Inc have tumbled in recent weeks, splitting ways with a surging Japanese equity market, as concerns mount over its debt levels and its ability to make mobile operations profitable.

Investors are watching moves in shares of billionaire Hiroshi Mikitani’s online retailer, after they sank 20% so far in 2023 to a 14-year low following a new stock sale that diluted the value of its equities.