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Sony shares rally 10% as $1.6 bln buyback offsets weak earnings By Investing.com

May 15, 2024
in Business
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Japanese shares of electronics conglomerate Sony Corp (TYO:) saw a significant increase on Wednesday following the announcement of a large stock buyback and stock split, which helped offset weak annual earnings and average guidance.

Sony’s shares surged by 10% to 13,170.0 yen, reaching a near two-month high. This boost made Sony the biggest contributor to the index, which rose by 0.5%.

In overnight trading, Sony’s U.S.-listed shares also saw a 6% surge.

The company revealed plans to repurchase 250 billion yen ($1.6 billion) worth of shares and execute a five-for-one stock split.

Despite a 7% decline in operating profit due to weakness in its life insurance unit, Sony intends to spin off the unit by 2025.

The gaming sector also posed challenges for Sony’s earnings, with a decline in the industry affecting sales of the Playstation 5. However, this slowdown in PS5 sales is expected to reduce hardware losses for Sony, leading to a projected 7% increase in profits.

Looking ahead, Sony forecasts a 40% profit growth for its chips business in fiscal 2025.



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