Annonce • May 14
Rakuten Group, Inc. to Report Q2, 2026 Results on Aug 10, 2026 Rakuten Group, Inc. announced that they will report Q2, 2026 results at 3:30 PM, Tokyo Standard Time on Aug 10, 2026 Annonce • Nov 15
Rakuten Group, Inc. to Report Fiscal Year 2025 Results on Feb 12, 2026 Rakuten Group, Inc. announced that they will report fiscal year 2025 results on Feb 12, 2026 Annonce • Oct 03
Rakuten Group, Inc. Expects Impairment Loss for the Third Quarter of the Fiscal Year Ending December 31, 2025 Rakuten Group, Inc. expected impairment loss for the third quarter of the fiscal year ending December 31, 2025. The Company expects to record an impairment loss of approximately JPY 27 billion in its consolidated financial results (IFRS) for the third quarter of the fiscal year ending December 31, 2025. Annonce • Aug 09
Rakuten Group, Inc. to Report Q3, 2025 Results on Nov 13, 2025 Rakuten Group, Inc. announced that they will report Q3, 2025 results on Nov 13, 2025 Annonce • May 29
Rakuten Advertising Launches Industry-First Solutions for Greater Affiliate Transparency and Creator Growth Rakuten Advertising revealed several new solutions helping advertisers and publishers navigate affiliate marketing industry challenges and demands. Announced at Rakuten Optimism 2025, these new solutions provide publishers with enhanced data transparency, help advertisers remain brand-safe and compliant, and bridge the gap between creator and affiliate marketing. These new solutions include: Affiliate Conversion Journey - Transparency API: This enhanced version of Affiliate Conversion Journey, Rakuten Advertising's contribution insights solution for publishers, adds a new transparency API that provides publishers with next-day visibility into their role in a customer's purchase journey - right down to the order. The Rakuten Advertising Detect monitoring suite is an always-on solution for affiliate program safety and compliance, providing advertisers with: Fraud detection - Powered by Rakuten Advertising's own data science technology and partnerships with Marcode, Ad Police and Search Monitor, programs are actively monitored for cases of ad hijacking and keyword bidding. Anomaly Detection - Advertisers will be automatically alerted to deviations from normal affiliate performance patterns, supporting the detection and remediation of potential fraud and other suspicious program activity. Program Monitoring - Financial product monitoring, content tracking, competitive rankings and cashback logging capabilities all provide advertisers with valuable insights into program and competitor performance. Storefronts: The Storefronts influencer marketing solution helps advertisers collaborate seamlessly with hand-selected creators to craft and promote brand-exclusive shoppable experiences. With easy-to-use linking tools, creators can use Storefronts to curate and promote shoppable product recommendations with link-in-bio access that provide advertisers with access to a creator's engaged and loyal audience. Advertisers can easily scale new and existing creator marketing investments, ensure creator programs align with specific business objectives, and foster loyalty and long-term partnerships with creators and their audiences. Storefronts also simplifies launching and scaling influencer marketing programs on the Rakuten Advertising network by bringing together creator reporting, shopping behavior data, and in-house experts and strategists. Insights and Analytics Prompt is a new AI-driven tool built for generating custom reports for publishers and advertisers in real time, unlocking new efficiencies and enhancing operations. Fueled by generative AI, prompt will help advertisers and publishers understand program drivers and will enable nimble decision making for global businesses throughad-hoc reports. Additionally, custom reports can be visualized in easy-to-read charts for quick review and download. Annonce • May 14
Rakuten Group, Inc. to Report Q2, 2025 Results on Aug 08, 2025 Rakuten Group, Inc. announced that they will report Q2, 2025 results on Aug 08, 2025 Board Change • Dec 30
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Outside Independent Director Takaharu Ando was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annonce • Dec 13
Rakuten Group, Inc. Announces Retirement of Masayuki Hosaka as Regarding Change of Representative Directors Rakuten Group, Inc. announced retirement of Masayuki Hosaka as Representative Director and Vice Chairman. He will be retiring also from a position of President & Representative Director of Rakuten Card Co. Ltd. and become Special Senior Adviser on March 25, 2025. Scheduled retirement date: At the conclusion of the 28th Annual General Meeting of Shareholders scheduled to be held in late March 2025. Annonce • Dec 03
Mizuho Financial Group, Inc. (TSE:8411) completed the acquisition of 14.99% stake in Rakuten Card Co.,Ltd. from Rakuten Group, Inc. (TSE:4755). Mizuho Financial Group, Inc. (TSE:8411) agreed to acquire 14.99% stake in Rakuten Card Co.,Ltd. from Rakuten Group, Inc. (TSE:4755) for approximately ¥170 billion on November 13, 2024. Under this Agreement, the Company will transfer 14.99% of Rakuten Card's common stock to Mizuho FG. The transfer amount is expected to be ¥164,997 million. Even after the Share Transfer, Rakuten Card will remain a subsidiary of Rakuten Group, and will continue to be an important consolidated subsidiary embedded in the Rakuten Ecosystem. Rakuten Card has reported Total equity attributable to owners of the parent company of ¥147.230 billion, Total assets of ¥4,190,330 million, Revenue of ¥406,350 million, Operating income of ¥69,560 million, and Net income attributable to owners of the parent company of ¥48,484 million. The expected completion of the transaction is December 1, 2024. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. acted as financial advisor to Rakuten Group, Inc. Nishimura & Asahi acted as legal advisor to Rakuten Group, Inc.
Mizuho Financial Group, Inc. (TSE:8411) completed the acquisition of 14.99% stake in Rakuten Card Co.,Ltd. from Rakuten Group, Inc. (TSE:4755) on December 1, 2024. Annonce • Nov 15
Mizuho Financial Group, Inc. (TSE:8411) agreed to acquire 14.99% stake in Rakuten Card Co.,Ltd. from Rakuten Group, Inc. (TSE:4755) for approximately ¥170 billion. Mizuho Financial Group, Inc. (TSE:8411) agreed to acquire 14.99% stake in Rakuten Card Co.,Ltd. from Rakuten Group, Inc. (TSE:4755) for approximately ¥170 billion on November 13, 2024. Under this Agreement, the Company will transfer 14.99% of Rakuten Card's common stock to Mizuho FG. The transfer amount is expected to be ¥164,997 million. Even after the Share Transfer, Rakuten Card will remain a subsidiary of Rakuten Group, and will continue to be an important consolidated subsidiary embedded in the Rakuten Ecosystem.
Rakuten Card has reported Total equity attributable to owners of the parent company of ¥147.230 billion, Total assets of ¥4,190,330 million, Revenue of ¥406,350 million, Operating income of ¥69,560 million, and Net income attributable to owners of the parent company of ¥48,484 million.
The expected completion of the transaction is December 1, 2024.
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. acted as financial advisor to Rakuten Group, Inc. Reported Earnings • Nov 15
Third quarter 2024 earnings released: JP¥34.60 loss per share (vs JP¥32.00 loss in 3Q 2023) Third quarter 2024 results: JP¥34.60 loss per share (further deteriorated from JP¥32.00 loss in 3Q 2023). Revenue: JP¥566.7b (up 9.3% from 3Q 2023). Net loss: JP¥74.4b (loss widened 8.7% from 3Q 2023). Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Annonce • Nov 13
Rakuten Group, Inc. to Report Q4, 2024 Results on Feb 13, 2025 Rakuten Group, Inc. announced that they will report Q4, 2024 results on Feb 13, 2025 Reported Earnings • Aug 12
Second quarter 2024 earnings released: JP¥15.63 loss per share (vs JP¥32.27 loss in 2Q 2023) Second quarter 2024 results: JP¥15.63 loss per share (improved from JP¥32.27 loss in 2Q 2023). Revenue: JP¥537.3b (up 8.1% from 2Q 2023). Net loss: JP¥33.6b (loss narrowed 42% from 2Q 2023). Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 20% per year. Annonce • Aug 09
Rakuten Group, Inc. to Report Q3, 2024 Results on Nov 13, 2024 Rakuten Group, Inc. announced that they will report Q3, 2024 results on Nov 13, 2024 New Risk • Aug 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • May 16
First quarter 2024 earnings released: JP¥19.78 loss per share (vs JP¥51.89 loss in 1Q 2023) First quarter 2024 results: JP¥19.78 loss per share (improved from JP¥51.89 loss in 1Q 2023). Revenue: JP¥513.6b (up 8.0% from 1Q 2023). Net loss: JP¥42.4b (loss narrowed 49% from 1Q 2023). Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, earnings per share has fallen by 25% per year whereas the company’s share price has fallen by 21% per year. Annonce • May 16
Rakuten Group, Inc. to Report Q2, 2024 Results on Aug 09, 2024 Rakuten Group, Inc. announced that they will report Q2, 2024 results on Aug 09, 2024 Annonce • Apr 02
Port Inc. (TSE:7047) completed the acquisition of Employment information community site business of Rakuten Group. Port Inc. (TSE:7047) agreed to acquire Employment information community site business of Rakuten Group for ¥2.2 billion on January 31, 2024. Transaction is expected to complete on April 1, 2024.Port Inc. (TSE:7047) completed the acquisition of Employment information community site business of Rakuten Group on April 1, 2024. Employment information community site business of Rakuten Group has been established as Minshu Co., Ltd. New Risk • Feb 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Shareholders have been diluted in the past year (35% increase in shares outstanding). Annonce • Feb 15
Rakuten Group, Inc. to Report Q1, 2024 Results on May 14, 2024 Rakuten Group, Inc. announced that they will report Q1, 2024 results on May 14, 2024 Reported Earnings • Feb 15
Full year 2023 earnings released: JP¥177 loss per share (vs JP¥235 loss in FY 2022) Full year 2023 results: JP¥177 loss per share (improved from JP¥235 loss in FY 2022). Revenue: JP¥2.07t (up 7.4% from FY 2022). Net loss: JP¥339.5b (loss narrowed 9.0% from FY 2022). Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 21
Upcoming dividend of JP¥4.50 per share at 0.8% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 13 March 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (1.2%). Reported Earnings • Nov 11
Third quarter 2023 earnings released: JP¥32.00 loss per share (vs JP¥51.30 loss in 3Q 2022) Third quarter 2023 results: JP¥32.00 loss per share (improved from JP¥51.30 loss in 3Q 2022). Revenue: JP¥518.4b (up 10.0% from 3Q 2022). Net loss: JP¥68.5b (loss narrowed 16% from 3Q 2022). Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Annonce • Nov 09
Rakuten Group, Inc. to Report Q4, 2023 Results on Feb 14, 2024 Rakuten Group, Inc. announced that they will report Q4, 2023 results on Feb 14, 2024 Reported Earnings • Aug 11
Second quarter 2023 earnings released: JP¥32.27 loss per share (vs JP¥53.72 loss in 2Q 2022) Second quarter 2023 results: JP¥32.27 loss per share (improved from JP¥53.72 loss in 2Q 2022). Revenue: JP¥497.2b (up 8.9% from 2Q 2022). Net loss: JP¥57.4b (loss narrowed 33% from 2Q 2022). Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Annonce • Jun 02
Rakuten Group, Inc. has completed a Follow-on Equity Offering in the amount of ¥230.387696 billion. Rakuten Group, Inc. has completed a Follow-on Equity Offering in the amount of ¥230.387696 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 198,943,300
Price\Range: ¥566
Discount Per Security: ¥23.36
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 208,102,100
Price\Range: ¥566
Discount Per Security: ¥23.36
Transaction Features: Rule 144A; Subsequent Direct Listing Reported Earnings • May 17
First quarter 2023 earnings released: JP¥51.89 loss per share (vs JP¥57.76 loss in 1Q 2022) First quarter 2023 results: JP¥51.89 loss per share (improved from JP¥57.76 loss in 1Q 2022). Revenue: JP¥475.6b (up 8.8% from 1Q 2022). Net loss: JP¥82.6b (loss narrowed 9.7% from 1Q 2022). Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Board Change • Apr 14
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Outside Independent Director Takaharu Ando was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 05
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Outside Independent Director Sarah Jane Mackay Whitley was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 16
Full year 2022 earnings released: JP¥235 loss per share (vs JP¥87.62 loss in FY 2021) Full year 2022 results: JP¥235 loss per share (further deteriorated from JP¥87.62 loss in FY 2021). Revenue: JP¥1.93t (up 15% from FY 2021). Net loss: JP¥372.9b (loss widened 179% from FY 2021). Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Online Retail industry in Germany. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥4.50 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 14 March 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of German dividend payers (5.1%). Higher than average of industry peers (0.4%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: JP¥51.29 loss per share (vs JP¥16.98 loss in 3Q 2021) Third quarter 2022 results: JP¥51.29 loss per share (further deteriorated from JP¥16.98 loss in 3Q 2021). Revenue: JP¥471.1b (up 16% from 3Q 2021). Net loss: JP¥81.5b (loss widened 204% from 3Q 2021). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Online Retail industry in Germany. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Annonce • Nov 13
Rakuten Group, Inc. to Report Q4, 2022 Results on Feb 14, 2023 Rakuten Group, Inc. announced that they will report Q4, 2022 results on Feb 14, 2023 Reported Earnings • Aug 12
Second quarter 2022 earnings released: JP¥53.72 loss per share (vs JP¥25.55 loss in 2Q 2021) Second quarter 2022 results: JP¥53.72 loss per share (down from JP¥25.55 loss in 2Q 2021). Revenue: JP¥456.5b (up 14% from 2Q 2021). Net loss: JP¥85.2b (loss widened 112% from 2Q 2021). Over the next year, revenue is forecast to grow 14%, compared to a 32% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Reported Earnings • May 15
First quarter 2022 earnings released: JP¥57.76 loss per share (vs JP¥18.37 loss in 1Q 2021) First quarter 2022 results: JP¥57.76 loss per share (down from JP¥18.37 loss in 1Q 2021). Revenue: JP¥437.1b (up 12% from 1Q 2021). Net loss: JP¥91.4b (loss widened 264% from 1Q 2021). Over the next year, revenue is forecast to grow 16%, compared to a 29% growth forecast for the industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Breakeven Date Change • Mar 11
Forecast breakeven date pushed back to 2024 The 16 analysts covering Rakuten Group previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 77% per year to 2023. The company is expected to make a profit of JP¥60.9b in 2024. Average annual earnings growth of 68% is required to achieve expected profit on schedule. Reported Earnings • Feb 16
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: JP¥87.62 loss per share (down from JP¥84.00 loss in FY 2020). Revenue: JP¥1.68t (up 16% from FY 2020). Net loss: JP¥133.8b (loss widened 17% from FY 2020). Revenue exceeded analyst estimates by 1.2%. Over the next year, revenue is forecast to grow 15%, compared to a 45% growth forecast for the retail industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 13
Third quarter 2021 earnings released: JP¥16.98 loss per share (vs JP¥32.50 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: JP¥406.9b (up 13% from 3Q 2020). Net loss: JP¥26.8b (loss narrowed 39% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 105 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 12
Second quarter 2021 earnings released: JP¥25.55 loss per share (vs JP¥5.77 profit in 2Q 2020) The company reported a soft second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: JP¥402.2b (up 16% from 2Q 2020). Net loss: JP¥40.3b (down JP¥48.1b from profit in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 117 percentage points per year, which is a significant difference in performance. Reported Earnings • May 15
First quarter 2021 earnings released: JP¥18.37 loss per share (vs JP¥26.03 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: JP¥391.5b (up 18% from 1Q 2020). Net loss: JP¥25.1b (loss narrowed 29% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 112 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 05
Full year 2020 earnings released: JP¥84.00 loss per share (vs JP¥23.55 loss in FY 2019) The company reported a soft full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: JP¥1.46t (up 15% from FY 2019). Net loss: JP¥114.2b (loss widened 258% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 13
New 90-day high: €9.38 The company is up 16% from its price of €8.06 on 11 December 2020. The German market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Online Retail industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €17.39 per share. Reported Earnings • Feb 14
Full year 2020 earnings released: JP¥84.00 loss per share (vs JP¥23.55 loss in FY 2019) The company reported a soft full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: JP¥1.46t (up 15% from FY 2019). Net loss: JP¥114.2b (loss widened 258% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 87% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 14
Revenue misses expectations Revenue missed analyst estimates by 0.01%. Over the next year, revenue is forecast to grow 9.7%, compared to a 55% growth forecast for the Online Retail industry in Germany. Is New 90 Day High Low • Jan 21
New 90-day low: €7.52 The company is down 12% from its price of €8.55 on 23 October 2020. The German market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Online Retail industry, which is up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €11.32 per share. Is New 90 Day High Low • Dec 28
New 90-day low: €7.70 The company is down 15% from its price of €9.05 on 29 September 2020. The German market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Online Retail industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €11.45 per share. Is New 90 Day High Low • Dec 08
New 90-day low: €7.84 The company is down 4.0% from its price of €8.13 on 09 September 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Online Retail industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.28 per share. Analyst Estimate Surprise Post Earnings • Nov 13
Revenue misses expectations Revenue missed analyst estimates by 1.3%. Over the next year, revenue is forecast to grow 14%, compared to a 47% growth forecast for the Online Retail industry in Germany. Reported Earnings • Nov 13
Third quarter 2020 earnings released: JP¥32.33 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: JP¥361.4b (up 13% from 3Q 2019). Net loss: JP¥44.0b (loss narrowed 62% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 74% per year but the company’s share price has remained flat, which means it is well ahead of earnings. 
