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

AVGO Earnings: All you need to know about Broadcom Q1 2021 earnings results

Broadcom Limited (NASDAQ: AVGO) reported first quarter 2021 earnings results today. Total revenue increased 14% year-over-year to $6.65 billion. GAAP net income was $1.3 billion, or $3.05 per share, compared

Infographic: Costco (COST) Q2 2021 sales up 15%; earnings miss

Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the second quarter of 2021. Earnings missed analysts’ expectations, while sales beat. Net profit was $951 million

Will shifting to as-a-service model help Hewlett Packard in emerging stronger from COVID?

With the corporate world rapidly shifting to cloud-native computing after the virus outbreak changed work culture and the way businesses operate, technology providers are aggressively innovating their offerings. Hewlett Packard

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