Sony FY2023 Profits Decline by 7%, Financial Services Suffer

Sony reports a 7% drop in FY2023 profits with a 22.5% decrease in financial services revenue, despite overall revenue growth

On May 14th, Sony announced its financial results for fiscal year 2023.

The performance of the financial services sector was notably poor, leading to a 7% decrease in profits compared to the previous year.

In the fiscal year ending March 2023, Sony reported revenue of 13 trillion yen (approximately 603.2 billion yuan), marking a 19% increase from the previous year.

FY2023

However, profits amounted to 1.2 trillion yen (approximately 556.8 billion yuan), matching average analyst forecasts but showing a 7% decline year-over-year.

Net profit was 970.6 billion yen (about 450.36 billion yuan), down 3% from the previous year.

fy2023 result

Sony’s financial services sector recorded revenues of 173.6 billion yen, a significant decrease of 22.5% compared to the massive growth experienced in fiscal 2022.

This drop contributed notably to the overall decline. Despite slower sales than expected of its flagship product, the PlayStation 5, which is projected to decline for the first time this fiscal year, the depreciation of the yen benefited other divisions.

Increased revenues were noted in the music division and the smartphone image sensor division due to the weaker yen.

In the fourth quarter of the fiscal year, from January to March, Sony achieved revenues of 3.5 trillion yen, a 14% increase.

However, this quarter marked the first sequential decline in revenue since the July to September quarter of 2020. Operating profit for the quarter was 229.4 billion yen, with a net profit of 189 billion yen.

Furthermore, starting from October 1st, Sony plans to split its stock, with each share being divided into five and has announced a share buyback of up to 250 billion yen, representing 2.46% of its shares.

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Sony FY2023 Profits Decline by 7%, Financial Services Suffer

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