Sharp Releases 2024 Q1 Financial Results

Sharp Releases 2024 Q1 Financial Results

Sharp unveiled its consolidated financial results for the first quarter of fiscal year ending on June 30, displaying an overall drop and strong growth in certain segments.

The total net sales decreased slightly compared to the same period in 2023, and despite loss, operating profit saw recovery. The significant change of foreign exchange rates and depreciating yen has exerted a great impact on the results. Consequently, the combined net sales amounted to JPY ￥531.9 billion (USD $3.6 billion), down by 1.7 year-on-year, and operating loss was JPY ￥5.8 billion (USD $39.4  million), down by 1.1%.

Breaking into different segments, Sharp saw mixed results: for Brand Business segment, including smart life & energy, smart office, and universal network businesses, sales and operating profit both experienced double-digit growth. On the contrary, decreases were recorded in the Device Business segment, constituted by display and electronic device businesses. Among all these businesses, Smart Office, responsible for office solutions products including printers, performed outstandingly with marked growth. Sales and operating profit were reported JPY￥ 155.6 billion (USD $1.06 billion) and JPY￥ 8.4 billion (USD $57.1 million) respectively, up by 22.9% and 168.1% each. The improved sales of MFPs in European and American markets contributed to the better performance. Additionally, Sharp’s decision to offer more high-value-added products in office solution businesses also assisted.

Despite a slight decrease, Sharp is progressing accordingly to their initial plan. Therefore, the financial forecast for the entire fiscal year will remain the same as disclosed previously, with a whole-year net sales target of JPY￥ 2,100 billion (USD $14.3 billion).

Related:

• Sharp America Enriches A4 Printer Lineup
• Sharp Launches A4 MFP in Europe and USA
• Sharp Introduces Latest A4 MFP
• Sharp Europe Welcomes New President

Comment:

Please leave your comment below about the news: Sharp Releases 2024 Q1 Financial Results.