Sony Group Corp. said it will buy back as much as ¥500 billion ($3.2 billion) of its shares after rising memory prices weighed on the entertainment group’s annual outlook.
For the year through March 2027, the Tokyo-based electronics maker expects an operating profit of ¥1.6 trillion, roughly an 11% increase and in line with analyst estimates. Sony is focusing on improving profitability to combat rising costs of materials, including a plan to set up a new joint venture with Taiwan Semiconductor Manufacturing Co.
