Sony Group reported a fourth-quarter net profit of ¥83.12 billion. This result missed analyst estimates due to electric-vehicle venture losses and gaming weakness. Quarterly revenue reached ¥3.036 trillion, exceeding market expectations.
Sony projects a 12.5% increase in net profit for the current fiscal year. The company expects annual profit to reach ¥1.160 trillion. Entertainment business strength will likely drive this growth.
Management authorized a share buyback program of up to ¥500 billion. This plan represents approximately $3.2 billion in value over the next year.
Sony shares rose following the optimistic guidance and the buyback announcement. The company warned that PlayStation 5 console sales will likely decline as the hardware ages.