Nissan profit down over 80%, stocks plunge
The company’s shares plunged nearly 10%, to their lowest in 10-1/2 years
Stocks impacted: Nissan (7201)
The Japanese carmaker reported that operating profit fell to $495 million in the fourth quarter, plunging 83% compared to the same period a year earlier. The figures mark four straight quarters of declining profits for the company. Nissan also cut its annual profit forecast and said it would not pay a dividend in the second half. On the coronavirus theme, the company said last week that supply shortages of parts from China will temporarily impact production at its Kyushu plant in Japan, which adds to the troubles for the automaker. Nissan is working to restart two of its plants in China from February 17, and others from February 20. Following the report, the company’s shares plunged nearly 10%, to their lowest in 10-1/2 years.
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