Both Sony and Samsung issued financial reports from the calendar first quarter of 2023 Thursday, and it wasn’t good news for their respective TV hardware businesses.
On a positive note, Sony reported record annual sales of $84.2 billion (11.5 trillion yen) for its fiscal year ended March 31, citing growth from its entertainment and image-sensor businesses combined with the benefit of a weak yen. The company said the revenue performance was its largest ever, up 15% YoY.
Operating profit reached $8.9 billion (1.21 trillion yen) for the year, and overall revenue from calendar Q1 (its fiscal Q4) rose 35% to $22.5 billion (3.06 trillion yen).
Sony also cited increased income from gaming hardware as contributing to the results.
Looking forward to the current fiscal year, started April 1, Sony said it expects to see lower net profit due to technical issues including higher tax expenses, while its annual sales revenue remains flat. The company said the calendar Q2 and Q3 periods will likely be difficult due to slowing international economies impacting consumer demand.
The news was not as good for Sony’s global TV business. The company reported global shipments of 1.1 million units in the calendar Q1-2023 period (fiscal Q4) ended March 31, down 31% from 1.6 million units YoY. For the full fiscal year, Sony shipped 6.6 million TV units, down 22% from 8.5 million units a year ago.
Despite the lower TV volume, the Entertainment, Technology and Services unit reported $18.2 billion in sales revenue for the full fiscal 2022, up 5.8% YoY.
In contrast, the gaming hardware business shipped 6.3 million PlayStation 5 consoles in calendar Q1-2023, bringing total sales to 38.4 million units to date. The quarterly performance was more than three times the 2 million units shipped from the year-ago period. Sony said it shipped 19.1 million PS5 units during its fiscal 2022.
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The positive results from the gaming division indicate an end in sight for problems from the hardware supply chain that plagued operations since the start of the pandemic.
Meanwhile, Samsung reported calendar Q1-2023 operating profit fell nearly 95% YoY to $478.5 million.
Samsung posted $45.57 billion in consolidated revenue, down 10% QoQ and down 18% YoY.
The company attributed much of the falloff to results from its memory division, which reported a loss of $3.4 billion, compared to a $6.3 billion profit in Q1-2022.
Samsung said it expects things to start to turn around in the second half of 2023 as it cuts chip production to correct an inventory glut, while consumer demand begins to gradually recover as it launches new smartphones and rolls out new PC promotions.
The company’s financial reports do not call out TV unit volume performance.
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By Greg Tarr
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