Sony to buyback $1.5 billion stocks
Operating profit of the company rose to 138.6 billion yen ($1.06 billion) in the fourth quarter
Sony Group Corp said on Tuesday it would buy back 200 billion Japanese yen ($1.54 billion) of its own shares.
The operating profit of the company rose to 138.6 billion yen ($1.06 billion) in the fourth quarter driven by strong sales of its PlayStation 5 console.
The Japanese giant’s games division posted strong profit in the quarter as it rose 175% from the previous year. Sony sold 11.5 million units of its flagship PlayStation 5 in the financial year ended March 31, compared to 7.8 million in the earlier year.
Sony forecasts sales of 18 million units of the PlayStation 5 in the current financial year, said Chief Financial Officer Hiroki Totoki.
For the current business year, the Tokyo-headquartered company said operating income at its gaming division to fall by around 12%. Sony said it expects increased costs for game development.
Totoki warned demand to be affected due to inflation and Russia’s invasion of Ukraine.
“With the situation in Ukraine and Russia and the slowdown of the global economy resulting from rapid inflation, we expect the demand environment this fiscal year to be even more severe than recent years,” he said.
Picture Credits: Bloomberg
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