Sony Group reported a fourth-quarter net profit of ¥83.12 billion, missing analyst estimates. Losses in its electric-vehicle joint venture and gaming division drove the decline. Quarterly revenue beat expectations at ¥3.036 trillion.
Sony projects a 12.5% increase in net profit for the current fiscal year. The company expects total net profit to reach ¥1.160 trillion. Strength in entertainment businesses supports this positive outlook.
The company announced a share buyback program of up to ¥500 billion ($3.2 billion) through next year. Sony shares rose following the guidance and buyback announcement. The company expects gaming sales to decline as the PlayStation 5 console ages.