Today, on 14 May 2024, Sony reported its earnings for the fiscal year 2023.
Sony’s revenue and profits
The company reported a 7% drop in its annual profits in FY23 due to a decline in its financial services. The operating profits for the full year grew by 5% to 1.28 trillion yen.
The Japanese conglomerate saw that its net profit rose to 34%.
Sony generated a revenue of 3.5 trillion yen. This signifies a 14% increase year-over-year.
In 2023, the financial services unit reported an operating income of 173.6 billion yen, representing a 22.5% decline compared to the previous year, following a significant increase in 2022. Sony’s Imaging & Sensing Solutions (I&SS) business posted an operating income of 193.5 billion yen, a 9% decrease from 2022.
Sony’s performance of game and movie businesses
Sony’s game business’ operating profit more than doubled to 105.98 billion yen, and its movie business’ operating profit nearly doubled to 30.67 billion yen. The company’s net operating profit for March was 229.4 billion yen, marking a 57% jump year-over-year.
Sony’s PlayStation 5 sales
Sony narrowly missed its revised target for PlayStation 5 sales. The company reported that sales of its flagship console reached 20.8 million units in the fiscal year 2023, falling just short of the 21 million unit target announced to investors in February.
Future projections
Sony has projected a decrease in overall group revenue for the current fiscal year. The company expects sales to reach 12.3 trillion yen for the year ending March 2025, a 5% decline.
For the fiscal year starting in April, Sony anticipates a 5.5% decrease in revenue to 12.310 trillion yen and a 4.7% decline in net profit to 925.00 billion yen. The company expects operating profit from its game business to increase to 310.00 billion yen, up from 290.2 billion yen the previous year.
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