Sony Announces $3 Billion Buyback as Memory Prices Take Toll

Sony Group Corp. 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.