Burberry profits fall sharply as demand softens

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Sony shares jumped as much as 12 per cent on Wednesday morning after the Japanese group announced strong earnings, a stock split and a share buyback of ¥250bn ($1.6bn).

Sony also upgraded its outlook, saying its operating profit would increase by 5 per cent by March 2025, driven by demand for its image sensors.

Analysts and investors were cheered by the updated guidance, the strong performance of new PlayStation title Helldivers 2 and plans for a five-for-one stock split that would attract more retail investors.

During Tuesday’s earnings call, Hiroki Totoki, chief financial officer, declined to comment on Sony and private equity group Apollo’s interest in acquiring entertainment company Paramount Global.

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