Japan's Rakuten offloads Seiyu stake as mobile losses mount

Japan's Rakuten reported a first quarter operating loss of 76.2 billion yen ($564 million) on Friday, hit by its money-losing mobile business.

The logo of Rakuten is pictured at the headquarters of Rakuten in Tokyo, Japan, May 15, 2019. REUTERS/Sam NusseyRakuten says will accelerate asset divestituresreported a first quarter operating loss of 76.2 billion yen on Friday, hit by its money-losing mobile business.

Rakuten founder and CEO Hiroshi "Mickey" Mikitani originally outlined plans to become Japan's fourth major mobile carrier, promising to create a low-cost nationwide network by using cloud-based software and commoditised hardware.

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