This is Isobe. I would now like to start explanation about the fiscal year 2023 Q3 consolidated financial results. I will use the presentation material to explain. Page three, at first, the financial highlights are for the first nine months of fiscal 2023. The most important segment is Service Solutions. Revenue in this segment was JPY 1,522 billion, an increase of 12.9%, excluding impact of PFU restructuring. Primarily for business in Japan, there was a strong increase in orders and revenue. Results were driven by demand related to digital transformation and modernization projects. Adjusted Operating Profit was JPY 116.3 billion, an increase of JPY 61.8 billion year-on-year.
In addition to the impact of higher revenue, progress was made as expected in improving profitability, such as by transforming the delivery of services. This resulted in an operating profit more than twice as high as that of the prior year. On the other hand, there was a pullback from the previous year's strong demand for Hardware Solutions and Network Products. In addition, demand for Device Solutions has been decreasing since the second half of last year. Total consolidated revenue was consequently JPY 2,642.7 billion, an increase of 1.7%, excluding the impact of restructurings. Adjusted Operating Profit was JPY 118.8 billion, a decline of JPY 32.9 billion year-on-year. Page four shows an overview of the financial results for each business segment.
This page shows an overview of the segments, and I will discuss the results for each segment, starting with the next slide. At the very top is Service Solutions, our most important segment, which continued to increase in size while also improving profitability. Excluding PFU, which had been included in the consolidated results through the first half of the previous year, total cumulative revenue from continuing operations for the first nine months increased by JPY 174.1 billion. Operating profit also increased by 13.6% year-on-year. On the other hand, revenue and profit in Hardware Solutions, which includes Network Products and Device Solutions, which both performed well in the prior year, decreased. In intersegment eliminations and corporate, we are pursuing a plan of increasing growth investments to achieve growth over the medium and long term. The following pages show results for each business segment.
Page six, Service Solutions. Cumulative revenue for the first nine months was JPY 1,522 billion, which on a continuing operations basis, represented an increase of 12.9% year-on-year. For customers both inside and outside Japan, there was an acceleration in DX initiatives, as well as sustainability transformation initiatives. As a result, there was greater demand for consulting services, modernization projects, and cloud migration support. Fujitsu Uvance benefited from this robust demand with a 67% increase in revenue. Adjusted Operating Profit was JPY 116.3 billion, up JPY 61.8 billion from the prior year. Although we increased growth investments related to Fujitsu Uvance, operating profit rose significantly because of the impact of strongly higher revenue and measures to improve profitability. I will shortly explain the contributing factors of this increase in profits with a waterfall chart.
First, I will touch upon the breakdown of results by quarter. At the top, as shown in bright blue, a growth in revenue was 10% in the first quarter, 17% in Q2, and 12% in Q3, resulting in 13% growth for the first nine months and a continuation of solid results as expected. The blue bars show Adjusted Operating Profit. Adjusted Operating Profit was 4.5% in Q1, 8.2% in Q2, and 9.8% in Q3, showing a steady increase. Adjusted Operating Profit for the first nine months was 7.6%, reaching a level twice as high as the prior year. In addition to the impact of higher revenue, we are pursuing progress in profitability improvements. Page eight.
This chart shows the factors that caused increases or decreases in Adjusted Operating Profit in the first nine months in Service Solutions compared to the prior year. On the far left, Adjusted Operating Profit for the first nine months of fiscal 2022 was JPY 54.4 billion. The first factor is an increase of JPY 58.1 billion in Adjusted Operating Profit from the impact of higher revenue, in part because of solid increase in revenue in Fujitsu Uvance. Overall revenue rose by 12.9%. The second factor is an increase of JPY 27.9 billion from improved profitability. We continue to make progress in initiatives to improve productivity, such as the expanded use of global delivery centers and standardization in development work. Although there is an impact from the increasing labor costs, the improvement in profitability fully covers these costs.
The third factor is a decline of JPY 24.1 billion from higher expenses, primarily investment in growth areas. As we projected, we actively made growth investments, including investments in the development of Fujitsu Uvance offerings, employee training and development, and enhanced security. Adding these up, cumulative Adjusted Operating Profit for Service Solutions in the first nine months of fiscal 2023 was JPY 116.3 billion. Page nine. I will now provide supplemental information on each of factors in the previous waterfall chart. First, status of orders, which led to the increase in revenue. This page shows orders in Japan. Continuing from the first half, orders in Japan remained solid, increasing by 16% in the first nine months compared to the prior year. I will now comment on each industry segment.
First is the private enterprise business segment, in which orders were up 7% from the prior year. Growth was driven by orders in manufacturing, mobility, and retailing and distribution sectors, primarily for modernization projects. Finance business segment orders were up 21%. In addition to deals to upgrade mission-critical systems for mega bank and insurance institutions, we also won modernization project deals, resulting in a significant increase in orders from the prior year. Public and healthcare segments. Orders were up 26%. In Q3, we received multiple orders for system upgrades from government agencies and ministries, resulting in solid growth. Among customers in the healthcare industry, we are also seeing strong investments in electronic medical record systems and healthcare information systems. In the mission critical and other segment, orders were up 15%.
Continuing on, the first half orders benefited from multiple large projects in the national security field. Due to sustained robust demand from the first half of the fiscal year, the order backlog of our business in Japan is increasing, which will lead to higher revenue in Q4 and next fiscal year. Page 10 shows the orders in Regions International. The Fujitsu Uvance business is steadily expanding globally. Orders for the Europe region for the first nine months of the year declined by 91%, reflecting large scale of project wins concentrated in the Q3 . Orders in the Americas region increased by 35%, a big rise over the prior year as we won multiple private sector business application deals. Orders for the Asia Pacific region were down 17%.
There was a pullback from the large scale public sector deals in the prior year, resulting in a decline. Page 11 shows the progress of Fujitsu Uvance, which we are positioning as the most vital area for the growth of our business and the transformation of our business portfolio. Fujitsu Uvance consists of a total of seven key focus areas, including four vertical areas, which are cross-industry areas that focus on the solution of societal issues, and three horizontal areas, which are technical platforms that support the vertical areas. In the first nine months of fiscal 2023, we released roughly 14 new offerings, resulting in a total of 110 offerings at present. We are accelerating the release of offerings in vertical areas in particular.
Overall revenue for the first nine months was JPY 247.3 billion, up 67% from the prior year. Business is progressing at a pace that should exceed our Fujitsu Uvance revenue target for the full year of JPY 300 billion. Fujitsu Uvance now accounts for 16% of total revenue in the Service Solutions segment, up from 11% in the prior year. In our medium-term management plan, we are seeking to achieve revenue of JPY 700 billion, representing 30% of our total revenue in fiscal 2025. Orders leading to revenue are now JPY 295.6 billion, up 79% from the prior year.
High demand is continuing from what we call the three S business applications, consisting primarily of SAP, ServiceNow, and Salesforce, and we expect to build on our business in these areas in the Q4 and fiscal 2024. On page 12, I would like to comment on profitability improvements and the status of the growth investments. Profitability increased by JPY 27.9 billion, and the gross margin improved by 1.5 percentage points. We are making steady progress in the standardization of development work, automation, the expansion of insourcing, and use of offshoring through our Japan Global Gateway and our global delivery centers. Growth investments and expenses increased by JPY 24.1 billion.
We continue to proactively invest in areas directly related to business growth, such as the development of Fujitsu Uvance offerings, investments needed to develop specialist human resources, and investments to strengthen our security. This concludes my supplemental explanation of the increases and decreases in profit outlined in the chart on page eight . Page 13, I will briefly touch upon the status of each sub-segment in Service Solutions. First is Global Solutions. Revenue was JPY 331.5 billion, up 18.4% year-on-year. On an adjusted basis, the sub-segment posted an operating loss of JPY 3.3 billion, but it is an improvement of JPY 10.1 billion compared to the loss in the prior year. Growth at Fujitsu Uvance was faster than anticipated, and large scale sales of software supporting modernization drove revenue growth.
We are currently in a phase of making aggressive growth investments, but in addition to the impact of higher revenue, profitability is also steadily improving, which resulted in a large decline in losses. In Regions Japan, revenue from continuing operations was JPY 886.3 billion, up 12.2% year-on-year. The Adjusted Operating Profit was JPY 122.8 billion, an increase of JPY 49.6 billion. DX business deals and upgrades of mission-critical systems are increasing in a wide range of sectors, primarily in the public and health care sectors. In addition to the impact of higher revenue, we made steady progress in improving profitability. In Regions International, operating profit was JPY 444.5 billion, up 7.5%.
Revenue was at JPY 444.5 billion, up 7.5% against the backdrop of expansion of the Fujitsu Uvance and the impact of foreign exchange movements. On adjusted basis, the subsegment posted an operating loss of JPY 3.2 billion, erosion in loss by JPY 2.1 billion from the previous year. In terms of profitability, conditions continue to be difficult, primarily in Europe. We will steadily transform our business portfolio to accelerate the improvement points in our profitability. On page 14, I will now explain about the performance and segments besides Service Solutions. First is Hardware Solutions. Revenue for the first nine months of fiscal 2023 was JPY 748 billion, decrease of 6% year-on-year. The Adjusted Operating Profit was JPY 37.1 billion, down JPY 19.7 billion year-on-year.
In System Products, revenue increased largely due to foreign exchange movements. On the other hand, in Network Products, there was a large pullback from the strong demand of the previous year in both Japan and the Americas, resulting in a significant drop in revenue. Whereas sales are decreasing due to the large scale demand cycle, we are expanding our development investments for the next growth cycle for Network Products this fiscal year. This includes investments to achieve high speed, high capacity, low latency, and low energy consumption networks. On the bottom of the slide, you can see Ubiquitous Solutions. Revenue was JPY 197.5 billion, down 3.2% year-on-year. Adjusted Operating Profit was JPY 16.7 billion, up sharply by JPY 10.9 billion year-on-year.
Regarding the higher component costs, including the impact of foreign exchange and movement, so we are advancing efforts to cut costs and pass on higher the cost to customers, and we are steadily increasing our resilience to changes in the external environment. Page 15, Device Solutions. Revenue was JPY 212.4 billion, down a massive 30.2% year-on-year. Adjusted Operating Profit was JPY 12.7 billion, down JPY 58.2 billion year-on-year. Demand for semiconductor packaging, which had been very strong through the first half of the prior year, significantly decreased in the second half of the year. In this year's Q3, the decline seems to have ended, but demand continues to be weak. In addition to lower capacity utilization from lower product unit volumes, there was a significant decrease in operating profit.
We anticipate a recovery towards fiscal 2024, but current conditions in the segment remain severe. At the bottom, there is intersegment elimination and corporate. This segment posts an operating loss of JPY 64.1 billion, with a JPY 27.7 billion increase in expenses year-on-year. We continue to expand our investments in medium to long-term business growth, including enhancing advanced research in cutting-edge areas such as AI, quantum computing, and energy-saving processes, and promoting the One Fujitsu program for strengthening our management foundation, as well as enhanced global security.
Page 16. Here, I would like to describe our initiatives to transform our business structure. Page 17. First, I will describe our initiatives in the regions or international. We are accelerating the shift in our business portfolio to improve profitability. Our first focus is the growth in Fujitsu Uvance. The ratio of revenues in Regions International increased from 20% in fiscal 2022 to 25% in the first nine months of fiscal 2023. Our goal is to increase the revenue from Fujitsu Uvance to 45% of the total revenue by the end of fiscal 2025. Our second focus is to consolidate our business, mainly on Fujitsu Uvance. To this end, we have strategically reformed our service business. In Germany, we carved out low-margin existing businesses such as private cloud business and on-premises managed services.
As a result, we recorded a one-time loss of approximately JPY 30 billion as part of our adjusted items for the Q3 . The loss expected from this business in fiscal 2023 is nearly JPY 10 billion, but losses are expected to be eliminated starting from next fiscal year as a result of the carve-outs. Next is page 18. I will explain about our ongoing initiatives in Hardware Solutions. In April 2024, we will launch FSAS Technologies Inc., a dedicated company for servers and storage solutions. FSAS Technologies will integrate product development, manufacturing, sales, and maintenance functions to build an integrated entity, accelerating management decision-making and pursuing thorough improvement of business efficiency to provide comprehensive added value solutions with advanced technologies. The establishment of FSAS Technologies did not have direct impact on consolidated financial results. Moving forward, we will achieve improved outcomes by streamlining the business.
Page 19. This is Ubiquitous Solutions. The Client Computing Devices, or CCD, unit in Europe, which has been facing severe competition and difficulties in maintaining profitability, will be shut down with a target of April 2024. As a result of exiting that business, we recorded one-time loss of approximately JPY 20 billion, recorded as adjusted items to operating profit in the third quarter. The expected loss from this business in fiscal 2023 is expected to be roughly JPY 5 billion. Regarding CCD business, we are planning to redirect our focus on business in Japan. Page 20, Device Solutions. We concluded the transfer agreement of shares in Shinko Electric. This sale is scheduled to take place in fiscal 2024 after various examination and a tender offer.
Although this will not impact the consolidated financial results for fiscal 2023, in fiscal 2024, we expect to record a one-time gain of approximately JPY 150 billion from discontinued operations. In addition, Shinko Electric's annual financial results for fiscal 2023 are projected to be sales of JPY 230 billion, an operating profit of JPY 35 billion. Of this, we anticipate that JPY 12 billion of Shinko Electric's net income will apply to Fujitsu, the parent company. Page 21. Of the transformations described so far, a one-time loss of approximately JPY 30 billion from the sale of private cloud business in Germany, and a one-time loss of approximately JPY 20 billion from exiting the CCD business in Europe, were major items that were recorded as adjusted items from GAAP operating profit in the Q3 .
We will continue to steadily work on reviewing our business portfolio and transforming our business structure to achieve sustainable growth in our corporate value. Page 22. This page shows the status of cash flows and status of assets, liabilities, and equity. Page 23. Core free cash flow, which excludes one-time expenses, was JPY 75 billion, up JPY 39.2 billion from the previous year. In addition to the increase in accounts receivables, progress has been made in the contraction of inventories, which increased during the previous year, and working capital has improved. Page 24, core free cash flow and adjusted items from GAAP free cash flow. The breakdown is as shown on this page.
As I mentioned previously, in International Regions, we anticipate impact of cash flow from the sale of private cloud computing business in Germany and exiting of CCD business in Europe to come after Q4 . At the bottom of the page is free cash flow, which was JPY 69.5 billion, an increase in JPY 19.8 billion from the previous year. Page 25 shows the status of our assets, liabilities, and equity, but I will omit an explanation of these figures. This concludes my summary of the financial results from the cumulative nine months of fiscal 2023. Although each segment had its strengths and weaknesses in terms of performance, we are still progressing in line with our forecast.
In Service Solutions, the strong pipeline of orders and business deals, primarily in Japan, is in the first half of the fiscal year, continued to into the third quarter in line with our forecast. Against this backdrop, we believe that we can fully anticipate a strong growth past fourth quarter as well. In addition, in Hardware Solutions and Device Solutions, demand continues to be low, but it is within what we had expected. We will continue to make solid progress, including further business efficiency improvements. I would like to take this opportunity to offer a comment regarding the ongoing inquiry into the U.K. Post Office Horizon system, which has been covered widely in the news reports and media globally since the beginning of the year.
First and foremost, on behalf of Fujitsu Group, I would like to convey our deepest apologies to the sub-postmasters and their families, and reiterate that we regard this matter with utmost seriousness. Our company's UK subsidiary has been cooperating fully with the ongoing UK statutory inquiry, which has been investigating complex events that have unfolded over many years, and going forward, we remain fully committed to offering our complete support and cooperation. I would like to emphasize that our global board of directors is maintaining strict supervision over the matter, including handling of the ongoing inquiry. It is our hope that inquiry allows for a swift resolution that ensures a just outcome for the victims. Thank you. Now, I will continue with my explanation of our financial results. I will explain our financial forecast for full year on the following pages.
Page 27, this is the financial forecast for fiscal 2023. We are projecting revenue of JPY 3,810 billion, Adjusted Operating Profit of JPY 320 billion, and adjusted profit for the year of JPY 208 billion. There has been no change to these forecasts. Page 28. As you can see, there have also not been any changes in our forecast by segment. Page 29 shows our forecast for the fourth quarter. The only segment I will briefly touch upon is Service Solutions. The nine-month cumulative Adjusted Operating Profit is JPY 116.3 billion, an increase of JPY 61.8 billion from the previous year.
Our forecast for the segment's fourth quarter Adjusted Operating Profit is JPY 138.6 billion, an anticipated increase of JPY 30.1 billion from the previous year. Although the trend of profit being skewed toward the Q4 remains, the progress made during the nine cumulative months of fiscal 2023 was better than the previous fiscal year. We believe that we will achieve the target through ensuring the high levels of order backlogs are converted into sales. This concludes our forecast for Adjusted Operating Profit. Page 30. I will explain the adjusted consolidated results and adjusted items on this page. First, the nine month cumulative results on the left. The second item on the column is operating profit. From the left, its Adjusted Operating Profit was JPY 118.8 billion.
In adjusted items, there was a one-time loss of JPY 70.7 billion from the transformation activities, and the total of these is profit for the year before adjustments. Next is the forecast for fiscal 2023 on the right. The Adjusted Operating Profit is projected to be JPY 320 billion, and adjusted profit for the year is JPY 208 billion. As I explained earlier, these remain unchanged from our previous forecast. Adjustments to operating profit results in a loss of JPY 70 billion in the results through the third quarter, but we plan to further transform. We plan for further transformation activities in the Q4 to offset this one-time loss. We expect that adjusted profit for the year will remain at previous forecast level of JPY 208 billion.
Page 31, we forecast Core Free Cash Flow of JPY 215 billion. It remains unchanged from our previous forecast. Next, I will explain bringing down the investment unit price through a Stock Split. Page 33. Today, Fujitsu decided to carry out a one to 10 Stock Split, effective April 1, 2024. The purpose of Stock Split is to improve share liquidity and further expand the investor base through bringing down the investment unit price. Through this, investment price per share will be lowered from current price of approximately JPY 2 million to approximately JPY 200,000. For details regarding this, please see the timely disclosure announced today. We will continue to implement financial measures while keeping in mind the perspective of the capital market.
This concludes my presentation, our consolidated financial results for the first nine months of fiscal 2023, and the full-year financial forecast for fiscal 2023.