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Sony announces first-ever share buyback, stock rises five percent

Reuters  |  TOKYO 

(Reuters) - Corp announced on Friday a share of 100 billion yen ($910 million) - its first ever aimed at boosting shareholder returns - sending the Japanese and entertainment company's shares up more than 5 percent.

said the buyback, to be conducted through March 22, would be equivalent to 2.36 percent of its outstanding stock.

"Our financial health has improved enough to conduct the repurchases," a said, as the company reinvented itself as an entertainment company with stable revenue from music content and gaming, after battling years of losses with price-competitive

The said Sony also took into account current share price levels.

Sony shares had plunged 14 percent this week after the company reported lower-than-expected profit as its previously thriving gaming business sagged, though a one-off gain related to its acquisition of nevertheless pushed the quarterly result to a record high.

Sony's announcement comes a day after SoftBank Group Corp's shares jumped 17 percent after the Japanese unveiled a record share

(Reporting by Makiko Yamazaki; Editing by and Christopher Cushing)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Fri, February 08 2019. 06:27 IST