Sony Plans $1.8 Billion Buyback As Profit Misses Estimates
- Company aims for 14.8 million PS5 sales this fiscal year
- Warns of protracted production bottleneck for marquee console
This article is for subscribers only.
Sony Group Corp. said it will buy back up to 200 billion yen ($1.8 billion) of its own shares after reporting quarterly profit below expectations.
Operating profit in the March quarter was 66.5 billion yen, versus the 74 billion yen consensus among analysts. The company sold 3.3 million PlayStation 5 consoles in the period, tallying 7.8 million for the fiscal year for a slightly faster pace than with the previous hardware generation. Chief Financial Officer Hiroki Totoki said the company aims to sell more than 14.8 million units in the current year but warned the production bottleneck affecting the device will persist.