Rakuten (JP:4755) has released an update.
Rakuten Group, Inc. has announced a change in the accounting treatment of its shares in AST SpaceMobile, Inc., shifting from the equity method to recognizing these shares as financial assets at fair value through other comprehensive income. This adjustment reflects Rakuten’s reduced influence in AST due to a decline in voting rights and changes on AST’s Board of Directors. The transition will result in an estimated 100 billion yen being recorded as ‘Other Income’ in Rakuten’s consolidated financials for Q4 of the fiscal year 2024.
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