Latest news with #SonyGroupCorp
The Mainichi
5 days ago
- Business
- The Mainichi
Sony's financial arm aims to launch overseas businesses after listing
TOKYO (Kyodo) -- The top executive of the financial unit of Sony Group Corp. said Thursday that it aims to launch overseas operations after it is spun off from the parent company and listed on the Tokyo stock market later this year. Toshihide Endo, CEO of Sony Financial Group Inc., said the company will focus on "honing our business model at home "through March 2027, adding that expanding its business abroad is "on the menu as an excellent strategy for the mid-term." Sony Financial has no overseas operations at present, a spokesperson said. Endo was speaking at a meeting with the media and investors as his company prepares to list on the Tokyo Stock Exchange's top-tier Prime Market on Sept. 29. The plan will allow the parent company to better focus on its entertainment businesses -- especially games, music and movies -- that have grown to account for more than 60 percent of the conglomerate's total sales. "Financial services will remain an integral part of our group even after it is spun off, and (Sony Group) will continue to support its growth," Sony Group CEO Hiroki Totoki said at the meeting. Sony Group's stake in the wholly owned unit will fall to below 20 percent after the financial unit goes public. Sony Financial said it will list on the TSE without an initial public offering -- the first of its kind in Japan since 2000. During the press conference, the unit said it plans to buy back its own shares worth up to 100 billion yen ($688 million) from its listing through the end of March 2027. Sony Financial was previously listed on the Tokyo market, but the parent company made it a wholly owned subsidiary in 2020 to speed up decision-making.
UPI
25-05-2025
- Entertainment
- UPI
In photos: Crunchyroll Anime Awards: stars light up the orange carpet
Crunchyroll CEO Rahul Purini (L) and Sony Group Corp president and CEO Hiroki Totokii attend the orange carpet event for the Crunchyroll Anime Awards 2025 in Tokyo, Japan, on May 25, 2025. Photo by Keizo Mori/UPI
Bloomberg
15-05-2025
- Bloomberg
Sony Debuts Foldable ‘M6' Headphones with Better Noise Cancellation
Sony Group Corp. rolled out an upgraded version of its wireless over-ear headphones, bringing improved noise cancellation and a new design to an increasingly popular category. The headphones, called the WH-1000XM6, are $450, $50 more than the prior WH-1000XM5 model that went on sale in 2022. To improve noise cancellation, the new model — which comes in black, silver and midnight blue — includes 12 microphones (up from eight on the prior version) and expands the use of artificial intelligence to continuously adapt to external factors such as changes in air pressure.
14-05-2025
- Business
Sony Group Projects 12.9 Pct Drop in FY 2025 Net Profit
News from Japan Economy May 14, 2025 17:33 (JST) Tokyo, May 14 (Jiji Press)--Sony Group Corp. said Wednesday that its consolidated net profit in the fiscal year through next March is expected to decline 12.9 pct from the preceding year to 930 billion yen. The Japanese electronics and entertainment giant projects its group sales will fall by 2.9 pct to 11.7 trillion yen, while its operating profit is forecast at 1.28 trillion yen, up a meager 0.3 pct. The estimates for the current year are compared with Sony's fiscal 2024 earnings excluding the financial business, as the company plans to spin off subsidiary Sony Financial Group Inc. in October. Sony expects the high tariff policy of U.S. President Donald Trump's administration to have an effect of squeezing its operating profit by about 100 billion yen. The strong yen and higher tax payments are also seen weighing on earnings, despite the projected strengths of the firm's mainstay gaming business and of its smartphone sensor and movie businesses. For fiscal 2024, Sony posted a record group net profit of 1,141.6 billion yen, up 17.6 pct year on year, since its gaming and semiconductor businesses fared well. Sales fell 0.5 pct to 12,957 billion yen, due to a drop in financial business revenue. [Copyright The Jiji Press, Ltd.] Jiji Press
Yahoo
14-05-2025
- Business
- Yahoo
Sony Sees $700 Million Tariff Hit on Underwhelming Outlook
(Bloomberg) -- Sony Group Corp. offered an underwhelming forecast for the year ahead, with the burden of US tariffs wiping out expectations for an increase in operating profit. As Coastline Erodes, One California City Considers 'Retreat Now' A New Central Park Amenity, Tailored to Its East Harlem Neighbors What's Behind the Rise in Serious Injuries on New York City's Streets? Lawsuit Challenges Trump Administration Policy on Migrant Children How Finland Is Harvesting Waste Heat From Data Centers The entertainment-focused group said on Wednesday that it sees a ¥100 billion ($700 million) impact from US levies in the year to March and expects an operating profit of ¥1.28 trillion. Even without the tariffs, Sony's projection falls shy of the average analyst estimate of ¥1.5 trillion and is essentially flat compared to the year concluded in March 2025. The new outlook came alongside the announcement of a share buyback of as much as ¥250 billion and the timeline for a partial spinoff of Sony's financial unit. Sony said it plans to list the financial operation on Sept. 29 and will start to treat it as a discontinued business in its accounting from the current quarter. Shares of Sony extended their gains, rising as much as 4.5% after the report. Buybacks are soaring in Japan as companies that have been hoarding cash for years come under increasing pressure to lift capital efficiency and boost shareholder returns. Over the first three months of this year, Sony reported better-than-expected operating income of ¥203.7 billion. The company sold 18.5 million PlayStation 5 consoles in the year to March, following 20.8 million in the year earlier. Sony's new Chief Executive Officer Hiroki Totoki's first task is to navigate the entertainment group though a new era of a tariffs-wielding US. The US comprises the bulk of PlayStation 5 sales, which is mostly produced in China. Sony raised the console's price in Europe, Australia and New Zealand last month, leaving questions about possible price hikes in the US should tariffs become a constant. Higher prices would slow momentum of the five-year-old hardware, especially as it vies with rival Nintendo Co.'s Switch 2, which launches in June. The postponement of Rockstar Games Inc.'s much-awaited Grand Theft Auto VI is also weighing on PlayStation sales in the current fiscal year. 'The delay in GTA VI is a real blow to the PS5,' said David Cole, chief executive officer of US-based digital entertainment research firm DFC Intelligence. 'This was supposed to be the product that got many consumers to get off the PS4 and on to a PS5.' Sony's other operations are also under siege. The outlook for image sensors, used in smartphones by everyone from Apple Inc. to Xiaomi Corp., is murky, with tariffs hitting handsets in the US. And President Donald Trump has suggested tariffs may also be placed on movies made outside the US, just as Sony is promoting Japanese animated films such as the Demon Slayer series overseas. (Updates with share reaction.) Cartoon Network's Last Gasp DeepSeek's 'Tech Madman' Founder Is Threatening US Dominance in AI Race Trump Has Already Ruined Christmas The Recession Chatter Is Getting Louder. Watch These Metrics Why Obesity Drugs Are Getting Cheaper — and Also More Expensive ©2025 Bloomberg L.P. Sign in to access your portfolio
