Rakuten Inc’s quarterly operating profit was almost wiped out in the three months ended September as the value of its investment in ride-hailing firm Lyft slid. Earlier this week, Rakuten said it would book a 103 billion yen writedown on its 11% stake in Lyft Inc. Bets on the ride-hailing industry by Rakuten and its bigger rival SoftBank Group Corp, the largest shareholder in Uber Technologies, have soured amid a market sell-off of money-losing startups. …read more
Source:: Yahoo Finance
