Sony announces $3 billion buyback as memory prices take toll

Sony Group will buy back up to ¥500 billion ($3.2 billion) of its shares, the company said as it set out a profit forecast largely in line with expectations on Friday. For the year through March 2027, the Tokyo-based company expects an operating profit of ¥1.6 trillion, about an 11% increase. Sony improved profitability in the fiscal year just concluded, with its music and smartphone image-sensor businesses making the biggest contributions to growth. Shares rose as much as 7.3%, their biggest intraday jump in over two months, after Sony’s announcement.