Sony Shares Jump After Profit Beats and Buyback Plans
- Sony expects image sensors and music to be strong this year
- PlayStation 5 hardware sales set to remain under pressure
Sony Group Corp.’s stock climbed its most in more than 18 months after it announced a share buyback and a stock split and net income beat estimates in the March quarter.
The Japanese company’s net sales for the quarter also beat expectations. That outweighed an annual revenue forecast that missed estimates and signs of waning demand for PlayStation 5 hardware. Cautious comments from Sony’s president about a joint bid with Apollo Global Management Inc. for Paramount Global also helped ease fears about a hasty deal.