Sony lifts full-year outlook after strong second quarter results

Sony Group Corp on Tuesday lifted its full year outlook and posted strong second quarter profit supported by solid sales.

The Tokyo-based electronics company said attributable net income from continuing operations rose 6.7% to JPY311.43 billion in the quarter ended September 30, approximately USD2.02 billion, from JPY291.76 billion a year earlier.

Diluted earnings per share increased 7.6% to JPY51.71 from JPY48.04.

Sales also climbed 4.6% to JPY3.108 trillion from JPY2.971 trillion in the same period last year.

Total costs and expenses grew 3.8% to JPY2.677 trillion from JPY2.579 trillion, with selling, general and administrative expenses up 2.9% to JPY552.95 billion from JPY537.44 billion.

Sony raised its full year attributable net profit forecast to JPY1.050 trillion from JPY970.00 billion previously, though it remains 1.6% below the JPY1.067 trillion profit reported last year.

On the same day, Sony announced its plan to repurchase 35 million shares for JPY100.00 billion from Wednesday to May 14, aiming to enhance capital efficiency, respond flexibly to market conditions, and offset dilution from stock-based compensation.