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Rakuten Group, Inc. (RKUNY) Q1 2023 Earnings Call Transcript

Rakuten Group, Inc. (OTCPK:RKUNY) Q1 2023 Earnings Conference Call May 12, 2023 2:15 AM ET

Company Participants

Hiroshi Mikitani – Chairman, President and Chief Executive Officer

Tareq Amin – Group Executive Vice President

Conference Call Participants

Operator

[Foreign Language]

[Interpreted] Ladies and gentlemen, thank you very much for making yourselves available today. We now would like to start the Rakuten 2023 First Quarter Financial Results Meeting. We have disclosed the latest consolidated financial reports at 3:00 p.m. today. You can view this data on our corporate website page for investors, along with the presentation documents using this meeting.

So Mr. Mikitani will give the presentation. Miki, please.

Hiroshi Mikitani

[Foreign Language]

[Interpreted] Thank you very much. So this is streaming and you are watching me via video in FY 2023 first quarter consolidated financial results briefing session will be started. And first of all, summary. And the first one is Internet Services, and it’s performing pretty well. And other companies are struggling to some extent.

But the first of all, the Rakuten Mobile contributed to lifting Ichiba GMS and also the Ichiba performance pretty well standalone and FinTech and Rakuten Bank and Rakuten Securities comparing to the year before, revenue went up by 7.6% and OI plus 20.4%. As you know, on April 21st, and the Rakuten Bank listed on the Tokyo Stock Exchange Prime Market.

As for the Mobile, and I will elaborate this later, continues the loss improvement is made and the revenue is improving and we are achieving improvement here. And then this morning, Rakuten Mobile held a press conference and we made some announcement there, a new roaming contract.

With that, we will be able to enhance the customer experience and also it will contribute to control our cost to a large extent. And first of all, Rakuten Group

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