Toshiba: Fiscal 1Q22 Financial Results

Toshiba Corporation announced its consolidated results for the first quarter of fiscal year 2022, ending June 30, 2023.

Global net sales were ¥727.9 billion in 1FQ21 and ¥740.7 billion yen and net income ¥18.0 billion and ¥25.9 billion, respectively.

For FY22, these revenue is forecasted at ¥3,300 billion with operating income of ¥170 billion.

Sales of electronic devices and storage solutions reached ¥181,532 billion in 1FQ22 compared to ¥200,928 in 1FQ21 (-10%), with operating income of ¥7,668 billion and ¥10,315 billion, respectively

Net sales of HDD and others (including HDDs, materials and devices, and resale of memory products, etc.) were ¥89.8 billion in 1FQ22 vs. ¥122.6 billion (-37%) in 1FQ21, operating income being -¥4.7 billion and ¥4.7 billion, respectively, due to shrinkage in mobile and desktop markets (it’s generally better for high-capacity HDDs), and change of sales channels.

Forecast for HDD and others is estimated at ¥450.0 billion in FY22 vs. ¥495.8 billion in FY21, or -9%.

According to Trendfocus’ preliminary results recently published, the company shipped 8.00 to 8.20 million HDDs in 2Q22, corresponding to -3.5% to -1.1% Q/Q, -44.1% to -42.7% Y/Y, with WW market share of 21.1% to 20.9% market share behind Seagate and WD.