Nidec: 1FQ23 Financial Results

Nidec Corp. published its financial results for 1FQ23 ended June 30, 2023.

Global sales record ¥566,055 million up 4.8% Y/Y with comprehensive income for the period at ¥187,508 down 1.6% Y/Y.

Representing 1.9% of total revenue, net sales of spindle motors for HDDs – among the several businesses of the company – decreased 49.1% to ¥10,641 million for this 3-month period compared to the same period of the previous year, including a positive effect of the fluctuations of the foreign currency exchange rates by approximately ¥1,300 million mainly due to a decrease in the number of units sold.

The company continues to focus on data centers and servers to improve the product mix for higher profitability.

The company is especially well positioned to evaluate the HDD market as it’s the leader in motors found in all disk drives. Its figures are 172 million HDDs shipped WW in 2022, and projecting 126 million in 2023, 130 million in 2024 and 139 million in 2025, far from 651 million in 2010 mainly due to the competition of SSDs.

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Small Precision Motors: Demand Trends of Server HDD Motors