Sony plans ¥100 billion buyback, its biggest ever, in wake of poor forecast and steep share drop

Sony Corp. is buying back as much as ¥100 billion ($910 million) of its own stock, the electronics maker's first large-scale repurchase.

The shares rose as much as 6.7 percent in early trading in Tokyo on Friday after the company announced the buyback, which starts Tuesday and will last through March 22.

The repurchase makes up 2.4 percent of the stock and comes days after telecom and technology giant SoftBank Group Corp. announced a ¥600 billion buyback, it's biggest ever. Sony has been seeking to strengthen its financial footing under Chief Executive Officer Kenichiro Yoshida, who was promoted from chief financial officer last year. Last week, Sony reported weaker profits in its PlayStation business and cut its annual revenue forecast, triggering the steepest share drop in almost three and a half years.