Sony spends $1.8 billion buying its own shares
After the Japanese electronics company didn’t hit expected profit expectation, Sony has decided to buy back its own shares worth $1.8 billion.
After rolling out a quarterly profit report that didn’t hit the set goal, Sony Group Corporation has decided to buy its own shares with $1.8 billion.
The company reportedly sold 3.3 million pieces of the PS5 consoles in the period, which is lower in comparison with the 7.8 million pieces of PS4 they had sold previously.
Investors are probing the low turn out of the company’s profit despite the high demand for the company’s PS5 gaming console due to the COVID-19 pandemic and lockdown.
There are predictions that the company’s profits will grow higher by the second quarter or by the end of 2021.