Sony shares rise in choppy trade as PlayStation maker announces $1.7 billion share buyback

The Sony Group Corp. logo displayed on a screen at the Combined Exhibition of Advanced Technologies (Ceatec) in Chiba, Japan, on Wednesday, Oct. 16, 2024. Sony Group shares rose over 3.5% on Wednesday in volatile trading after the Japanese conglomerate announced a share buyback of up to 250 billion yen ($1.7 billion) and operating income beat estimates. Operating income for the last three months of the financial year came in at 203.6 billion yen, beating mean analyst estimates from LSEG of 192.2 billion yen, though it was down 11% from the same period last year. In the earnings report, the Japanese-based electronics, entertainment and finance company announced a stock buyback of shares worth 250 billion yen. Sony also provided details on a partial spinoff of its financial unit. The company plans to distribute slightly more than 80% of the shares of common stock of the spinoff to shareholders of Sony Group through dividends. The financial unit will list its financial operation this ... Read full article.