野村称微软 Xbox 业务收缩或给索尼平台地位带来机会

Microsoft reported its 26/6 Q4 results on 29 July (local time). Xbox sales declined 10% y-y to USD4,983mn in Apr–Jun, with content and services revenue down 10% y-y. The decline was attributable to a high y-y hurdle owing to strong first-party software sales in the same period last year. However, content and services revenue came in slightly higher than the company's guidance for a decline of 10–15%. Hardware sales were down 13% y-y. The company expects Xbox content and services revenue to decline by the mid-single digits y-y in Jul–Sep, and also expects hardware sales to decline y-y.
Business reset aimed at long-term growth
The company also posted an impairment loss related to Xbox in Apr–Jun. The company said it is resetting the business for long-term growth and expects the business to return to growth in FY27. According to a Bloomberg News report published on 8 July, Xbox plans to cut 3,200 jobs, or about 20% of its workforce, and part ways with five game studios. Game Pass currently has around 30mn subscribers, down 4mn compared with in 2024. We view the contraction of Xbox's business as an opportunity for Sony Group [6758] to strengthen its position as a platform provider.