Asia
Sony Shares Soar on Solid Momentum in Games and Buyback Hopes
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Sony Group Corp.’s stock climbed as much as 11% in Tokyo on Friday, the most since August, after the entertainment group raised its profit and revenue outlook on growing momentum for its entertainment businesses.
A surprise burst in demand for the PlayStation 5 over the holiday quarter helped the company to beat expectations of an operating profit drop and prompted a lift of its forecasts. Sony now expects ¥1.08 trillion ($7 billion) in net income in the year to March, 10% higher than previously, the Tokyo-based company said on Thursday.