Sony has reported their Q4 2021 earnings results, and the entertainment group missed operating profit estimates as well as FY 2021 company-wide operating income expectations. The company also announced a 200 billion yen share buyback program in a vote of confidence about the stock's current valuation.
Check out some more details from the press release about Sony's plans for the 200 billion yen share buyback.
Sony's Q4 2021 missed estimates with the entertainment group missing expectations largely due to a decrease in PS5 sales year-over-year. Sony's stock has fallen 38.7% since hitting a multi-year high in January of this year. It stands to reason that Sony sees brighter days ahead once the supply chain issues abate.
Sony's buyback is for a larger amount than the one Nintendo just announced. The PS5 maker will be gobbling up nearly 2% of the outstanding shares, and the purchases can be executed strategically throughout the year.