楽天グループの2025年度第1四半期決算について解説します

Summary

The speaker, a Rakuten shareholder, provides an in-depth analysis of Rakuten's Q1 2025 earnings, highlighting struggles in its mobile business despite increasing subscriber numbers. ARPU remains stagnant, and the company faces issues with its mobile strategy and profitability. A security breach at Rakuten Securities adds to the challenges, with concerns over weak two-factor authentication. Additionally, Rakuten’s introduction of unconventional financial indicators raises questions about transparency. The speaker expresses disappointment with Rakuten's direction and suggests that focusing on other sectors may be more beneficial.

Takeaways

• 😀 The video discusses the latest financial results of Rakuten, focusing on its Q1 2025 financial report.
• 😀 The presenter, a Rakuten shareholder, emphasizes the importance of reading through the company's earnings report seriously.
• 😀 Despite a slight increase in mobile subscriber numbers (about 300,000), Rakuten Mobile's ARPU (Average Revenue Per User) remains flat, showing no significant growth.
• 😀 There is skepticism about Rakuten Mobile's ability to increase revenue, with no clear path to additional charges or monetization strategies for users.
• 😀 Rakuten Mobile's performance is struggling, despite growing subscriber numbers, with no major improvements in profitability.
• 😀 The presenter highlights a recent security breach involving Rakuten Securities, where users experienced account hijacking, leading to significant concerns.
• 😀 The presenter criticizes Rakuten Securities for not using a standard two-factor authentication system, which is common among banks and cryptocurrency platforms.
• 😀 A new, unconventional profitability indicator was introduced in the financial results, specifically 'Fixed Asset Payment Pre-EBITDA,' which the presenter finds questionable and confusing.
• 😀 The presenter finds Rakuten's introduction of non-standard profitability metrics to be part of a troubling trend of creative financial reporting in the company.
• 😀 The presenter suggests that Rakuten might need to reconsider its aggressive strategy in the mobile market, as it has not yielded significant financial returns, especially compared to other parts of the business.
• 😀 The video concludes with the presenter expressing concern over Rakuten's future prospects, particularly in mobile and securities, and hints that it might be time for the company to pivot its strategy.

Q & A

What is the main topic of the video?

The video discusses the latest financial results for Rakuten, focusing particularly on Rakuten Mobile's performance, as well as issues with Rakuten Securities and the company's overall financial strategies.

What was the financial performance of Rakuten Mobile in the most recent quarter?

Rakuten Mobile’s losses increased compared to the previous quarter, despite a growth in the number of mobile subscriptions. The average revenue per user (ARPU) barely increased, indicating no significant growth in customer spending.

What is the speaker’s personal connection to Rakuten?

The speaker is a shareholder of Rakuten, holding stock in the company and is personally invested in its financial performance.

What challenges is Rakuten Mobile facing according to the speaker?

Rakuten Mobile is struggling with a lack of additional revenue from its customers. Although the number of users is increasing, ARPU has remained largely flat, and there are no signs of significant improvement in mobile service revenue.

What issues have emerged with Rakuten Securities?

Rakuten Securities experienced a security breach where customer accounts were hacked. The speaker mentions that the lack of proper two-factor authentication (2FA) was a contributing factor to this vulnerability.

Why is the speaker critical of Rakuten Securities’ security system?

The speaker is surprised by the lack of a robust two-factor authentication system at Rakuten Securities, which contrasts with stricter security measures used by other financial platforms like cryptocurrency exchanges and banks.

How did the security breach at Rakuten Securities impact its customers?

The breach affected a significant number of customers, with those using Rakuten Securities being the most affected. This has added to the company’s negative financial issues and has harmed its reputation.

What new profit metric did Rakuten introduce in their financial reporting?

Rakuten introduced a new profit metric called 'Pre-Marketing Cash Flow' (PMCF), which measures profitability excluding marketing expenses. This is a unique metric specific to Rakuten, aiming to show how the company could be profitable without marketing costs.

What is the significance of Rakuten’s new profit metric?

The new metric, although highlighting profitability without marketing costs, seems somewhat misleading. The speaker points out that it presents an unrealistic picture, as Rakuten’s mobile division is not profitable even with this adjustment.

How does the speaker suggest Rakuten could improve its situation?

The speaker suggests that Rakuten might want to reconsider its mobile business strategy, especially Rakuten Mobile, and possibly scale back or pivot away from mobile services. Instead, they could focus on leveraging their existing ecosystem of banking, credit cards, and securities.

What does the speaker think about Rakuten's decision to continue investing in mobile services?

The speaker believes that continuing to push Rakuten Mobile, especially with its current business model, might be a mistake. They think Rakuten should consider scaling back its mobile operations and focus on its more profitable sectors like banking and e-commerce.