Sharp reports third quarter results
February 6, 2024
Sharp reported its consolidated financial results for the third quarter for fiscal 2023.
During the reporting period, Sharp recorded net sales of ¥606.4 billion ($4.08 billion/ €3.8 billion), a decrease of 14.5% year-on-year. The company recorded operating profits of ¥2.2 billion ($14.79 million/ €13.79 million).
Sales for its Smart Office segment, that includes its MFPs, were ¥150.2 billion ($1.01 billion/ €941.5 million) during the reporting period, a year-on-year increase of 13.3%. This segment had a huge year-on-year operating profit increase of 244.2% at ¥9 billion ($60.5 million/ €56.4 million) in the third quarter, fiscal 2023.
Sharp attributed the sharp increase in profits for the segment to “structural reforms of the challenging PC and mobile communication businesses.” Sharp’s MFP business and office solution business sales grew significantly, especially in Europe and the U.S.
Sharp revised its financial results forecast for the full year “due to extremely difficult market conditions for small-and medium-size displays.” Net sales are now predicted to be ¥2,350 billion ($15.8 billion/ €14.73 billion), a year-on-year decrease of 7.8%.
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