 "A woman walks past a logo of Sony Corp outside its showroom in Tokyo. Photo: Reuters")
Sony’s blockbuster share buyback misses the bigger picture at the company.
Japan’s $55-billion electronics giant said on Friday that it would repurchase 100 billion yen, or about $911 million, worth of stock. Coming just days after the company reported disappointing earnings, that’s a sign of confidence from its chief executive Kenichiro Yoshida.
To boost longer-term returns, though, he needs to convince investors that a much-needed deeper overhaul of the conglomerate is also underway.
The buyback will be Sony’s largest ever. Just last week, the company announced a worse-than-expected fall in operating profit from its PlayStation console division, which is its
