Sony Group said it expects operating profit of ¥1.28 trillion ($8.2 billion) in the year to March, missing analysts’ expectations for both profit and revenue as sales of PlayStation 5 hardware slow decreases.
The Tokyo-based entertainment leader also said it would buy back up to 2.46% of its shares for ¥250 billion. The company will carry out a five-for-one stock split from October 1, it said on Tuesday when announcing its annual results.
Profits in the most recent quarter were better than expected. Sony said net profit in the three months through March was ¥189 billion, above the average analyst estimate of ¥153.2 billion. Sales reached ¥3.5 trillion.
