Sony to Buy Back Stock After Profit Falls Short of Estimates
- Company may spend up to 200 billion yen to buy 2.02% of shares
- Weak yen offers limited upside for Sony due to diversification
Sony reported operating profit of 138.6 billion yen in the fourth fiscal quarter,
Photographer: Kiyoshi Ota/BloombergThis article is for subscribers only.
Sony Group Corp. said it would buy back as much as 200 billion yen ($1.5 billion) of its own shares after reporting earnings that missed analyst estimates.
The entertainment group reported operating profit of 138.6 billion yen in the fourth fiscal quarter, falling short of consensus analyst estimates of 148.5 billion yen. The company forecast operating income of 1.16 trillion for the current fiscal year, also shy of estimates of 1.2 trillion yen.