Published , by Sam Chandler
Published , by Sam Chandler
Sony has released its Q1 2024 earnings report which highlights how the company has performed during the first quarter of its fiscal year. In these reports, Sony notes a decrease in software unit sales, however, it has increased its Game & Network Services FY24 sales guidance due to favorable Q1 yen exchange rates.
On August 7, 2024, Sony released its Q1 2024 earnings report. In the Consolidated Financial slideshow, Sony increased its guidance for its FY2024 by 3 percent in its Game & Network Services Segment. This 120 billion yen upward review is based on the yen exchange rates. Sony is assuming the yen will hit an exchange rate of 148 yen per USD in Q2-Q4. Last year, the yen was trading at an actual-average of 144.4. It’s also important to note that the Q1 2024 G&NS sales are up 12 percent year-over-year.
Sony reported these results just days after the Nikkei suffered its worst crash since 1987, making these currency assumptions even more impressive.
Bloomberg notes that the Bank of Japan Deputy Governor Shinichi Uchida pledged to refrain from increasing interest rates during this period of an unstable market. “I believe that the bank needs to maintain monetary easing with the current policy interest rate for the time being, with developments in financial and capital markets at home and abroad being extremely volatile,” Shinichi Uchida said.
It’s a unique position for Sony to be in, with a decrease in hardware and software unit sales and yet an increase in its guidance. Keep it locked to Shacknews for more information on other companies that have reported their Q1 2024 earnings results.