Sony to Buy Back Stock After Profit Falls Short of Estimates

Sony to Buy Back Stock After Profit Falls Short of Estimates

The Sony Group announced its financial results lower, for the fourth quarter, than analysts’ estimates, with the company highlighting that it intends to proceed with a repurchase program worth 200 trillion shares. yen, or $1.5 billion.

Sony reported operating profit of 138.6 billion yen in the fourth quarter, below analysts’ estimates for 148.5 billion yen. The company forecast operating income of 1.16 trillion. yen for the current financial year, less than estimates for 1.2 trillion. yen.

The company’s PlayStation 5 console continued to face limitations due to lack of components and disruptions in the supply chain.

Sony is confident that demand is high enough to finally get the PS5 back on track, to become the highest-selling console, but statistics from companies such as US-based NPD Group shows that Microsoft’s Xbox has surpassed PlayStation in recent months.

According to Bloomberg analyst Masahiro Wakasugi, the weak yen, is unlikely to rise sharply to Sony’s threshold – even if the currency falls further against the dollar and the euro. The company’s PlayStation and smartphones have significant foreign currency costs, offsetting the upward trend in the image sensor division, Wakasugi said.

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