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Sony announces $3 billion buyback as memory prices take toll

The Japan Times·Takashi Mochizuki·25 days ago
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#sony#videogames#playstation#music#fuelshock#profit
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Sony Group said Friday it expects operating profit to rise about 11% to ¥1.6 trillion for the year through March 2027, broadly in line with market expectations.

Sony Group said Friday it expects operating profit to rise about 11% to ¥1.6 trillion for the year through March 2027, broadly in line with market expectations. | BLOOMBERG

Sony Group will buy back up to ¥500 billion ($3.2 billion) of its shares, the company said as it set out a profit forecast largely in line with expectations on Friday.

For the year through March 2027, the Tokyo-based company expects an operating profit of ¥1.6 trillion, about a 11% increase. Sony improved profitability in the fiscal year just concluded, with its music and smartphone image-sensor businesses making the biggest contributions to growth.

Shares rose as much as 7.3%, their biggest intraday jump in over two months, after Sony’s announcement.

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