Sony Group Corporation (SONY) Q2 2024 Earnings Call Transcript

Sony Group Corporation (NYSE:SONY) Q2 2024 Earnings Conference Call November 8, 2023 2:00 AM ET

Company Participants

Sadahiko Hayakawa – General Manager, Finance Department

Hiroki Totoki – President, COO, CFO, Representative Corporate Executive Officer & Director

Conference Call Participants

Kentaro Tsutsumi – Nikkei Newspaper

Masahiro Ono – Morgan Stanley

Kota Ezawa – Citigroup

Junya Ayada – JPMorgan Chase & Co.

Ryosuke Katsura – SMBC Nikko Securities

Unidentified Company Representative

The time has come. FY 2023 Q2 financial results announcement for Sony Group Corporation.

I am Okada, Corporate Communications. I will be serving as master of ceremonies. Let me introduce the people on the stage. First, Mr. Hiroki Totoki, President, COO and CFO; Naomi Matsuoka, Senior Vice President, Corporate Planning and Control Ned Group DE&I support for Finance, Business and Entertainment Area; Sadahiko Hayakawa, Senior Vice President in charge of Finance and IR.

Today, 3 persons will be explaining the consolidated results for the second quarter FY ’23 and full year consolidated results forecast, after which we are going to have a Q&A session. We are scheduled to have a total of 70 minutes [Foreign Language]. Today, after Ms. Matsuoka and Mr. Hayakawa explained the content on here, I will summarize the entire earnings briefing.

Mr. Hayakawa, please go ahead.

Sadahiko Hayakawa

From here, Ms. Matsuoka, and I will explain. Consolidated sales for the quarter were JPY2,828.6 billion, an increase of 8% compared to the same quarter of the previous fiscal year. Consolidated operating income significantly decreased JPY106.4 billion year-on-year to JPY263.0 billion, mainly due to the JPY64.3 billion decrease in the operating income of the Financial Services segment. I will explain the details in the parts devoted to each business.

Adjusted EBITDA decreased JPY60.8 billion year-on-year to JPY426.4 billion. Income before income taxes decreased JPY113.5 billion year-on-year to JPY257.6 billion. Net income

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