Toyota posts profit surge and lifts annual outlook as hybrid sales shine

Toyota reported its first profit increase in six quarters and raised its annual outlook by 15%, driven by strong demand for higher-margin hybrid vehicles. The results also highlighted a weaker yen that helped offset sliding sales in China and the Middle East. For the year ending March, Toyota forecast operating profit of 3.9 trillion yen ($24.6 billion), after a July–September quarter income gain of 34% that beat expectations. Shares in Tokyo jumped more than 16% in the afternoon session, the biggest one-day gain since 1987. Toyota also plans buybacks of up to 1.3 trillion yen and returning as much as $89 billion to shareholders by March 2031.