November 7, 2019 / 6:28 AM / 7 days ago

Rakuten Q3 profit almost wiped out as Lyft stake value slides

TOKYO, Nov 7 (Reuters) - Rakuten Inc’s quarterly operating profit was almost wiped out in the three months to September as the value of its bet on ride-hailing firm Lyft slid.

Its operating profit came in at 1.1 billion yen ($10.12 million) in the third quarter, versus a profit of 43.9 billion yen a year earlier.

That compared with an average forecast for an operating loss of 2.5 billion yen from three analysts polled by Refinitiv. ($1 = 108.7400 yen) (Reporting by Sam Nussey; Editing by Himani Sarkar)

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