Sony Reports 7% Profit Decrease in Fiscal Year 2023

Thanks to the clue provided by the netizen Xichuangjiushi from TapTechNews! TapTechNews reported on May 14 that Sony released its fiscal year 2023 financial report today. Due to the poor performance of the financial services department, profits decreased by 7% compared to last year. In the 2023 fiscal year ending in March, Sony's revenue was 13 trillion yen (approximately $118.31 billion USD), a 19% increase year-on-year. However, profit was 1.2 trillion yen (approximately $10.94 billion USD), a 7% decrease year-on-year. Net profit was 970.6 billion yen (approximately $8.88 billion USD), a 3% decrease year-on-year. Sony stated that the operating income of the financial services department in the 2023 fiscal year was 173.6 billion yen, a 22.5% decrease year-on-year, due to the significant growth in revenue in the department in the 2022 fiscal year. Sales of flagship product PlayStation 5 were slightly lower than expected for the full year, with an expected decline in sales volume this fiscal year for the first time. Revenue increased in Sony Music and the smartphone image sensor department due to the depreciation of the yen. In the fourth quarter of 1-3 of March, Sony achieved a revenue of 3.5 trillion yen, a 14% increase year-on-year. However, this was the first quarter-on-quarter decrease since the quarter from July to September 2020, with operating profit of 229.4 billion yen and net profit of 189 billion yen. Additionally, Sony plans to split its stocks from October 1, with 1 share becoming 5 shares, and announced a buyback of up to 250 billion yen to repurchase 2.46% of shares.

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