FinancialCyberAgent
FY2023 Second Quarter Consolidated Financial Results: Japan
10 pages~17 min full read
CyberAgent’s operating income plummeted 61.5% to ¥17,531 million in FY2023 Q2, while net income fell significantly from ¥28,339 million in the prior year to ¥7,748 million.
See it on page 1The Game Development segment experienced a sharp downturn, with sales falling 19.1% to ¥103,061 million and operating income declining by 47%.
See it on page 4The Media Business, despite achieving 27.9% YoY revenue growth to ¥66,960 million, recorded an operating loss of ¥9,956 million due to costs associated with FIFA World Cup broadcasts.
See it on page 4The Internet Advertisement Business saw a modest 6% increase in net sales to ¥195,871 million, but operating income for the segment declined by 24.8%.
See it on page 4Total liabilities increased to ¥205,219 million, primarily driven by the issuance of convertible bonds, which also contributed to an increase in total assets to ¥428,812 million.
See it on page 4Management maintained its FY2023 full-year guidance, projecting operating income of ¥40,000 million—a 42.1% decrease from the previous year—and a dividend of ¥15 per share.
See it on page 1CyberAgent’s FY2023 second‑quarter results show a modest 0.3 % rise in consolidated net sales to ¥363,235 million, while operating income fell sharply by 61.5 % to ¥17,531 million, reflecting a significant decline in profitability across key segments. Ordinary income attributable to the parent dropped 83.1 % to ¥2,898 million, and net income fell from ¥28,339 million in the same period of FY2022 to ¥7,748 million. Basic earnings per share contracted from ¥33.93 to ¥5.72, and diluted EPS fell from ¥32.14 to ¥5.24.
Segment performance varied: the Media Business, driven by ABEMA and related services, recorded net sales of ¥66,960 million (27.9 % YoY growth) but posted an operating loss of ¥9,956 million due to the FIFA World Cup broadcast costs. The Internet Advertisement Business grew net sales by 6 % to ¥195,871 million but saw operating income decline 24.8 %. Game Development sales fell 19.1 % to ¥103,061 million with a 47 % drop in operating income. Investment Development and Other Businesses also experienced sales declines, though the latter’s operating income fell 18.1 %.
The balance sheet expanded, with total assets rising to ¥428,812 million (up ¥45,114 million) largely from convertible bond issuance. Total liabilities increased to ¥205,219 million, driven by the same debt instruments, while equity grew modestly to ¥223,593 million. Cash and cash equivalents rose by ¥17,246 million to ¥185,281 million, supported by operating cash flow of ¥14,080 million and financing inflows from bond issuance.
Forecasts for FY2023 remain unchanged: net income is projected at ¥720,000 million (a 1.3 % YoY increase), operating income at ¥40,000 million (down 42.1 %), and ordinary income attributable to owners at ¥40,000 million (down 42.4 %). The company maintains a dividend policy of ¥15 million per share for FY2023, unchanged from prior guidance.
