Sony's (SONY) Q4 profit soars 100%, announces US$1.5-bn share buyback

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 Sony's (SONY) Q4 profit soars 100%, announces US$1.5-bn share buyback
Image source: © Brodogg1313 | Megapixl.com

Highlights:

  • Sony Group Corporation’s (Nasdaq: SONY) Q4 income surged over 100%.
  • It announced a share buyback plan of around 200 billion yen (US$1.5 billion).
  • Sony pushed sales of 14.5million first-party games in the quarter.

Sony Group Corporation (Nasdaq: SONY) on Tuesday reported an operating income of 138.6 billion yen (US$1.06 billion) for the fourth quarter of fiscal 2022.

The operating income for the year-ago quarter was 66.4 billion yen (US$510.02 million).

Sony, however, missed the operating income estimates for the quarter ended March 31.

The company’s forecast of 1.16 trillion yen (US$8.91 billion) in operating income for fiscal 2023, also fell short of market estimates.

The Japanese multinational conglomerate corporation, headquartered in Tokyo, said that it would buy back as much as 25 million SONY shares for 200 billion yen (US$1.5 billion) over the next year, which is 2.02% of the total outstanding.

Its net income attributable to its shareholders for the reported quarter was 111.1 billion yen (around US$852 million). Sony raked in profits from its movie business, primarily on the success of its latest hit- “Spider-Man: No Way Home.” Sales for the movie division soared over 50% to 1.24 trillion yen (US$9.52 billion).

Also Read: BioNTech’s (BNTX) Q1 earnings surge on COVID-19 vaccine sales


Sony (SONY) Q4 profit soars 100%, announces US$1.5-bn share buyback© Calinstan | Megapixl.com

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Sony’s PlayStation 5 console sales hit by supply constraints

The company’s flagship PlayStation 5 game console faces component shortages and widespread logistics roadblocks. But there was another concern for the PlayStation platform as it faced dwindling active monthly users and PlayStation Plus subscription service in the March quarter.

In June, Sony will launch new online services for PlayStation users, which will include an option like Xbox’s Game Pass subscription offering. The share of the company dropped 27% so far this year, roughly in sync with the tech-heavy Nasdaq index.

Bottom line:

Despite recent setbacks surrounding hardware components due to supply chain disruptions and a dip in subscriber base, PS5 game and hardware sales remained strong. Sony sold 14.5million first-party games in the reporting quarter.

 

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