Analyst Note
| Kazunori Ito |Although Sony’s full-year operating income guidance for fiscal 2023 (new fiscal year ending March 2024) of JPY 1.17 trillion is about 10% lower than our forecasts and the PitchBook consensus of around JPY 1.3 trillion, we believe the guidance is conservative and reflects the cautious view of management amid economic uncertainties. In particular, we see some upside in two business segments, game and network services, or G&NS, and imaging and sensing solutions, or I&SS.