Rakuten reports record quarterly revenue on fintech strength

Rakuten reported record quarterly revenue, according to its results presentation, with the fintech division — spanning banking, securities, payments and credit cards — the main contributor to a surge in profit. The Japanese group has leaned on its financial services businesses to offset losses at its mobile network unit, which has required heavy capital spending to build out coverage. The presentation did not indicate a change to that structural picture beyond the improved segment contribution.