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Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Financial results were largely as expected with good news in fintech on a return to double-digit revenue growth but continued steep losses in mobile</li>
<li>Mobile subscriptions fell by 280K (-9% over two quarters) as users of free plans churned off keeping YoY growth to 2%</li>
<li>The company is keen on the potential once platinum band spectrum is available but that is up to two years away</li>
</ul>


Financial results were largely as expected with good news in fintech on a return to double-digit revenue growth but continued steep losses in mobile
Mobile subscriptions fell by 280K (-9% over two quarters) as users of free plans churned off keeping YoY growth to 2%
The company is keen on the potential once platinum band spectrum is available but that is up to two years away


Rakuten (Neutral) - Q3 22 Results Reaction: Mobile Subscriber Losses as Free Users Flee