Nissan cuts full-year outlook after Q1 profit plunges 99% By Reuters

TOKYO (Reuters) – Japan’s Nissan Motor Co slashed its annual outlook after reporting a 99 percent drop in first-quarter operating profit on Thursday, missing analysts’ estimates and sending its shares sharply lower.

Total operating profit for the April-June period came to 995 million yen ($6.51 million), compared with 128.6 billion yen in the same period last year and the average estimate of 164.4 billion yen in a London Stock Exchange Group poll of five analysts.

The automaker cut its operating profit forecast for the fiscal year by 17% to 500 billion yen from 600 billion yen.

(1 dollar = 152.8200 yen)