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    Munakata san

    Vice President and equity research analyst at Goldman Sachs

    Munakata san is a Vice President and equity research analyst at Goldman Sachs, specializing in the analysis of major Japanese technology and consumer electronics companies, including Sony Group. Over his career, he has provided institutional investors with detailed coverage and actionable insights on blue-chip firms, demonstrating expertise in earnings modeling and market-moving calls. Since joining Goldman Sachs, Munakata has engaged regularly in corporate earnings briefings and investor Q&A sessions, building a reputation for technical rigor and sector-specific knowledge. He holds advanced financial credentials consistent with industry requirements for research analysts at major investment banks, including relevant securities licenses and FINRA registration.

    Munakata san's questions to Sony Group (SONY) leadership

    Munakata san's questions to Sony Group (SONY) leadership • Q1 2025

    Question

    Munakata san from Goldman Sachs asked for a detailed breakdown of the significant margin improvement in the Game & Network Services (G&NS) segment, its sustainability amid future tariff impacts, and the current status of the live service game strategy following the postponement of 'Marathon'.

    Answer

    Lin Tao, Corporate Executive Officer and CFO, attributed the Q1 margin improvement primarily to strong third-party software sales, network service revenue, and lower costs. She stated that future margin growth will be structurally driven by network services and first-party content. Regarding live service games, she acknowledged recent postponements but highlighted that the category has grown from nearly nonexistent five years ago to contributing about 40% of first-party software revenue in Q1.

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    Munakata san's questions to Sony Group (SONY) leadership • Q1 2025

    Question

    Munakata san from Goldman Sachs inquired about the drivers behind the Game & Network Services segment's significant margin improvement in Q1, its sustainability given future tariff impacts, and the current status and challenges of Sony's live service game strategy following the Marathon delay.

    Answer

    CFO Lin Tao attributed the Q1 game margin improvement to strong third-party software sales, network service revenue, and lower costs. She noted that future margin sustainability depends on the growth of network services and first-party content. Regarding live service games, she acknowledged recent postponements but emphasized the strategy's long-term progress, with live service titles contributing about 40% of first-party revenue in the quarter.

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