Sony buys back its shares after losing financial goals – Nerd4.life

After the results at the end of the fiscal year, Sony declare intent Repurchase part of their shares distance Missed Financial Goals It announced in a forecast shared by analysts, with the buyback of nearly 200 billion yen ($1.5 billion) of stock in the company.

As reported by Takashi Mochizuki on Bloomberg, after financial results that do not meet expectations, Sony intends to make a buyback of its shares in the market. As we’ve seen, PS5 sales didn’t hit the target, and operating profit of 138.6 billion yen in the fourth quarter of the fiscal year was well below the forecast of 148.5 billion yen. Gross operating income was also lower than expected, in agreement with market analysts.

As a result, Sony announced plans to buy back 25 million shares of its own company during the new fiscal year, or approximately 2.02% of the total, after a similar operation carried out in the past.

Over the course of the year, the value of Sony’s shares decreased by about 27%This is in line with the general index of Nasdaq and other technology companies. The problem is in fact the one common to the entire industry: the semiconductor crisis which, with regard to Sony, has led to great difficulties in PS5 production and thus to sales well below the console’s expectations and potential.

We expect Sony PS5 Production Volume Increase This fiscal year is to catch up, albeit at the cost of some pressure on profit margins, said Damien Thong, an analyst at Macquarie Capital Securities. However, the company benefited from excellent results for the movie division thanks to Spider-Man: No Way Home. Which led to a significant increase in sales and operating income for this sector.

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