Home Blockchain News Sony Shares Jump after Japanese Giant Announces Unprecedented ¥100 Billion Stock Buyback

Sony Shares Jump after Japanese Giant Announces Unprecedented ¥100 Billion Stock Buyback

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Japanese conglomerate Sony will kick off a $910 million stock buyback program beginning next week, Reuters reports. The move will result in Sony buying a maximum of 30 million of its own shares. Consequently, the amount of the company’s outstanding shares will be reduced by 2.4%. According to a Bloomberg Intelligence analyst, Masahiro Wakasugi, Sony’s move was likely driven by the company stock’s recent price decline: It seems they were perturbed by the steep stock decline. They’re watching the stock price, cash flow is strong and they have the financial resources to carry this out. So it’s a strong message

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