Sony Group Corp

6758: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥‎6,688.00	Mtwl	Yhmtwkxwc

Sony Earnings: Results Show Sony’s Resilience to Economic Fluctuations

Kazunori Ito

Aug 12, 2024

Wide-moat Sony’s operating income for the June quarter was JPY 279 billion, up 10.3% from the previous year. This was slightly below our forecast of JPY 295 billion. Still, the shortfall was mainly due to the pictures segment, which is difficult to forecast on a quarterly basis due to its volatility, and other segments were mostly in line with our expectations. The company protected its profitability by tightly managing its inventory and benefiting from the growth in high-end products while demand for smartphones and TVs remained sluggish. We believe this resilience of Sony’s electronics business is a testament to the company’s strong management.

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