Africa-Press – Eritrea. Shares in Japan’s Sony Group rose 3.67% on Wednesday after the company announced a 250 billion yen ($1.7 billion) share buyback.
The PlayStation-maker posted operating income of 203.6 billion yen ($1.39 billion) for the last three months of the financial year, down 11% year-on-year, according to the firm’s financial results.
Sony also disclosed information about a partial finance business spinoff. Through dividends, the business intends to pay out somewhat more than 80% of the spinoff’s common stock to Sony Group stockholders.
According to Sony, the financial business will be listed this year and will be categorized as a discontinued operation in the company’s current quarter’s accounting.
The Japanese electronics firm forecast its operating profit would increase 0.3% to 1.28 trillion yen ($8.74 billion) for the current financial year ending in March 2026, following the announcement of 100 billion yen ($683 million) in damage from the trade war led by US President Donald Trump.
“The estimated impact from the series of changes in US tariff policy at this time is reflected in the above forecasts for operating income, income before income taxes and net income attributable to Sony Group Corporation’s stockholders,” Sony said.
Sony noted, however, that the real impact might differ greatly and that the predicted tariff impact did not take into account the trade agreement reached between the US and China on Monday.
Under the deal, China and the US agreed to temporarily lower the mutual tariffs by 115% for 90 days. China’s tariff rate against the US will be lowered to 10%, while US will reduce its rate to China to 30%.
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