Tokyo, Japan – Rakuten Group’s shares surged by over 15% following the announcement of a smaller annual loss compared to the previous year. The Japanese technology conglomerate reported an operating loss of 212.86 billion yen for 2023, a significant improvement from the 371.61 billion yen loss in 2022. Additionally, its attributable loss decreased to 339.47 billion yen from 377.21 billion yen in 2022.
The company experienced growth in profit and revenue for its fintech and internet service business segments, while its losses in the mobile segment dropped by nearly 30% in 2023. Rakuten’s positive performance has sparked investor confidence and led to a surge in stock value.
Meanwhile, Japan’s economy unexpectedly contracted by 0.4% in the fourth quarter of 2023, marking a sharp contrast to the Reuters poll forecast of 1.4% growth. This slowdown follows a revised 3.3% slump in the previous quarter, indicating potential challenges for the nation’s economic recovery.
In Singapore, official data revealed a slower-than-expected growth of 2.2% in the fourth quarter of 2023, falling short of both advance estimates and Reuters’ expectations. The growth rate for the entire year was also lower, at 1.1% in 2023 compared to 3.8% in 2022. The slowdown was largely driven by weaknesses in certain sectors, raising concerns about the overall health of the Singaporean economy.
Further developments include Warren Buffett’s Berkshire Hathaway trimming its holdings in major companies like Apple and HP during the fourth quarter of 2023. The move has attracted attention from investors and analysts, prompting speculation about the firm’s future investment strategies.
Overall, these economic indicators and corporate actions reflect the ongoing challenges and uncertainties in the global markets, influencing investor behaviors and market dynamics. As the world continues to navigate through economic recovery and geopolitical shifts, closely monitoring these trends and developments will be crucial for businesses and investors alike.