Sony Group Corp. said it will buy back up to ¥200 billion ($1.8 billion) of its own shares after reporting quarterly profit below expectations.
Operating profit in the March quarter was ¥66.5 billion, versus the ¥74 billion consensus among analysts. The company sold 3.3 million PlayStation 5 consoles in the period, tallying 7.8 million for the fiscal year for a slightly faster pace than with the previous hardware generation.
Chief Financial Officer Hiroki Totoki said the company aims to sell more than 14.8 million units in the current year, but warned that a production bottleneck affecting the device will persist.