Categories Earnings, Technology

Sony Corp shows signs of fatigue as games, electronics push Q1 results lower

Japanese conglomerate Sony Corp (NYSE: SNE) reported a 1% year-over-year decline in total revenues in the first quarter of 2019, hurt by weakness in its gaming and electronics businesses. Q1 revenue of approx. $17.52 billion ($1.925 trillion yen) was lower than the street projection of $18.79 billion.

Sales in the Game & Network Services unit fell 3%, primarily due to a decrease in the contribution from first-party game software like God of War last year.

Meanwhile, hurt by the decrease in unit sales of TVs and Xperia smartphones, sales in the Electronics Products & Solutions segment decreased 15% year-on-year.

The lackluster sales in these two segments have forced the company to slash its full-year sales forecast. FY 2019 sales outlook for games division was reduced to 2.2 trillion yen, compared to the April forecast of 2.3 trillion yen.

Similarly, guidance for full-year sales in the electronics segment was cut down to 2.16 trillion yen from the earlier guidance of 2.24 trillion yen.

On a consolidated basis, the company currently expects full-year total revenues of 8.6 trillion yet, much lower than the April guidance of 8.8 trillion yen.

READ: Apple needs to clear many hurdles to push stock higher post Q3 earnings

Music and Pictures were among the better performing divisions in Q1, recording sales growth of 12% and 6% respectively.  

First-quarter earnings fell 32% to approximately $1.08 (119.22 yen) per share. Excluding certain one-time items, net income would have increased 4%.

Sony shares were up 3.29% during early trading hours on Tuesday. The stock has gained 12.3% in the year-to-date period.  

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

FDX Earnings: FedEx Q1 adjusted earnings drop; revenue up 5%

Cargo giant FedEx Corporation (NYSE: FDX) Thursday reported a decline in first-quarter adjusted earnings, despite an increase in revenues. The company also provided guidance for fiscal 2023. Net income, adjusted

Key highlights from Darden Restaurants (DRI) Q1 2023 earnings results

Darden Restaurants, Inc. (NYSE:DRI) reported first quarter 2023 earnings results. Total sales increased 6.1% year-over-year to $2.4 billion, driven by blended same-restaurant sales growth of 4.2%. Net earnings amounted to

ACN Earnings: Key quarterly highlights from Accenture’s Q4 2022 financial results

Accenture (NYSE: ACN) reported fourth quarter 2022 earnings results today. Total revenues were $15.4 billion, up 15% year-over-year in US dollars and up 22.4% in local currency. Net income attributable

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top