NTT DoCoMo Results in Line but Rakuten Uncertainty Looms; FVE to JPY 2,800
NTT DoCoMo’s fiscal 2017 (year ending March 2018) result was slightly above our expectations on profitability driven by strong cost reduction programs by management, but services revenue showed a slowdown in the fourth quarter. Fourth-quarter operating profit was up 35% while telecom services revenue was up only 2.1% and mobile services revenue declined by 0.7%. Management plans to ramp up its cost reduction program in fiscal 2018 lifting targeted cost reductions to JPY 120 billion from JPY 90 b...
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