Silicon Studio Corporation, The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 47% Decrease

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Thu Oct 10, 2024 4:00 pm JST Earnings

3907 Silicon Studio Corporation 【J-GAAP】

Earnings Report

Silicon Studio Corporation <3907> [TSE-G] announced its financial results after the market closed on October 10th (16:00). The consolidated ordinary profit/loss for the cumulative third quarter of the fiscal year ending November 2024 (December 2023 to August 2024) turned into a loss of 20 million yen (compared to a profit of 238 million yen in the same period last year).

In addition, the full-year consolidated ordinary profit has downwardly by 48.6%, from the previous forecast of 255 million yen to 131 million yen (compared to 246 million yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 46.7% decrease in profit.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated ordinary profit for the June to November period (second half) has downwardly by 51.7%, from the previous forecast of 240 million yen to 116 million yen (compared to 12 million yen in the same period of the previous year), leading to a reduction in the profit growth rate from 20 times to 9.7 times.

In the most recent three-month period, from June to August (3Q), the consolidated ordinary profit/loss turned to a loss of 35 million yen (compared to a profit of 4 million yen in the same period last year). The operating profit/loss margin drastically worsened from -0.4% in the same period last year to -4.5%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Dec - Aug, 2021	3,233	306	328	148	51.4	83.2	Oct 7, 2022	J-GAAP
Dec - Aug, 2022	3,429	238	238	158	54.8	96.7	Oct 10, 2023	J-GAAP
Dec - Aug, 2023	3,209	0	-20	-81	-28.9	ー	Oct 10, 2024	J-GAAP
YoY	-6.4%	－	－	－	－

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jun - Nov, 2024 Prev	2,408	208	240	224	80.9	0	Jul 11, 2024	J-GAAP
Jun - Nov, 2024 New	2,233	102	116	92	33.2	0	Oct 10, 2024	J-GAAP
Revision Rate	-7.3%	-51.0%	-51.7%	-58.9%	-58.9%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Nov, 2024 Prev	4,599	254	255	217	78.3	0	Jan 12, 2024	J-GAAP
Nov, 2024 New	4,424	148	131	85	30.7	0	Oct 10, 2024	J-GAAP
Revision Rate	-3.8%	-41.7%	-48.6%	-60.8%	-60.8%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jun - Nov, 2023	2,200	-4	12	16	5.6	0	Jan 12, 2024	J-GAAP
Jun - Nov, 2024 Guidance	2,233	102	116	92	33.2	0	Oct 10, 2024	J-GAAP
YoY	+1.5%	－	+866.7%	+475.0%	+498.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Nov, 2022	4,510	381	394	254	87.9	0	Jan 13, 2023	J-GAAP
Nov, 2023	4,554	238	246	200	69.4	0	Jan 12, 2024	J-GAAP
Nov, 2024 Guidance	4,424	148	131	85	30.7	0	Oct 10, 2024	J-GAAP
YoY	-2.9%	-37.8%	-46.7%	-57.5%	-55.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jun - Aug, 2023	1,075	-4	4	-26	-9.0	-0.4	Oct 10, 2023	J-GAAP
Sep - Nov, 2023	1,125	0	8	42	14.6	0.0	Jan 12, 2024	J-GAAP
Dec - Feb, 2023	1,060	13	0	-18	-6.6	1.2	Apr 11, 2024	J-GAAP
Mar - May, 2024	1,131	33	15	11	3.9	2.9	Jul 11, 2024	J-GAAP
Jun - Aug, 2024	1,018	-46	-35	-74	-26.4	-4.5	Oct 10, 2024	J-GAAP
YoY	-5.3%	-1,050.0%	－	-184.6%	-193.1%