A Sony executive reportedly warned a recovery in the smartphone market was not expected until 2024 at the earliest, citing worsening conditions in the US and a slower-than-expected improvement in China.

Bloomberg reported senior general manager in Sony’s finance department Sadahiko Hayakawa issued the warning during an analyst call to discuss earnings in calendar Q2, the company’s fiscal Q1 2023.

He said the company previously anticipated the smartphone market would start to recover in the second half of its fiscal year, but that expectation had now been pushed back to “at least” the following year.

Alongside manufacturing its own devices, the company produces various components for other vendors including technology for camera systems used on high-end smartphones.

The forecast is the latest dour assessment of the smartphone segment following comments from vendors and analysts in recent months.

Fiscal Q1 revenue at Sony’s Mobile Communications segment, which comprises its Xperia devices alongside its internet services business, fell to JPY87.3 billion ($609 million) from JPY99 billion in the same period of 2022.

Across the whole business, Sony booked net income of JPY217.5 billion, down 17 per cent.

Revenue was up from JPY2.3 trillion to JPY3 trillion.