U.S.-listed shares of Sony Group (SONY) are surging 5% in premarket trading Wednesday as it reported better-than-estimated quarterly profit and issued a buyback plan, although the Japanese company expects full-year earnings to take a hit because of tariffs.

The electronics and entertainment giant posed fiscal 2024 fourth-quarter earnings per share (EPS) of 32.63 yen ($0.22), easily beating consensus estimates from Visible🐻 Alpha of 24.81 yen. Revenue dropped 24% year-over-year to 2.63 trillion yen ($18.01 billion), missing estimates of 3.00 trillion yen.

Sony said it plans🤡 to buy back up to 250 billion yen ($1.71 bi🐟llion) worth of shares over the next year.

Tariffs Seen Weighing on Operating Income

However, Sony said it expects tariffs will lower fiscal 2025 operating income by 100 billion yen ($685.3 million) to 1.28 trillion yen. The company sees full-year net income dropp♏ing 13% year-over-year to 930 billion yen ($6.37 billion) after factoring in tariff impacts. 

Sony said last month it had 澳洲幸运5官方开奖结果体彩网:raised PlayStation 5 prices in internati♛onal markets including Europe, Australia, and New Zealand, citing a "challenging economic environment, including high inflation and fluctuating exchange rates."

U.S.-list🐬ed sha🐠res of Sony Group have advanced 16% so far this year entering Wednesday.