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Jun 30, 2021
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Sony Q1 2022 Earnings Report
Sony reported solid Q1 FY21 results with higher revenue and profit driven by strong Music and EP&S segments, despite a decline in G&NS operating income.
Key Takeaways
Sony posted revenue of ¥2.26 trillion and net income of ¥211.8 billion for Q1 FY2021. Significant gains were seen in the Music and Electronics Products & Solutions segments, while Financial Services and G&NS posted weaker operating results. EPS grew to ¥169.22.
Revenue grew 15% YoY to ¥2.26 trillion
Net income increased to ¥211.8 billion from ¥193.6 billion
Music and EP&S segments drove revenue and profit growth
G&NS and Financial Services segments posted lower operating income
Sony
Sony
Sony Revenue by Segment
Revenue by Segment
Game & Network Services Revenue
CapyFin.comMusic Revenue
CapyFin.comPictures Revenue
CapyFin.comEntertainment & Tech Revenue
CapyFin.comImaging & Sensing Revenue
CapyFin.comAll Other Revenue
CapyFin.com Forward Guidance
Sony expects FY21 to end with higher sales and operating income driven by strong performance in Music, Pictures, and EP&S. However, Financial Services is forecasted to see margin pressure.
Positive Outlook
- Upward revision in Music segment operating income forecast (+¥28B)
- Strong Q1 performance in EP&S led to higher full-year guidance
- Stable outlook for Pictures segment profitability
- Solid recurring revenue from subscription streaming services
- Favorable FX expected to benefit export-heavy segments
Challenges Ahead
- Decline in Financial Services revenue YoY
- G&NS segment impacted by lower PS4 hardware sales and aggressive PS5 pricing
- Lower-than-expected TV sales in EP&S
- Increase in SG&A expenses across segments
- Uncertainty in theatrical and TV production schedules due to COVID-19
Revenue & Expenses
Visualization of income flow from segment revenue to net income