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13.11.2019

Nissan profit plunged, stocks on the defensive

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Nissan profit plunged, stocks on the defensive

Stocks impacted: Nissan Motor Co. (NSANY)

The Japanese automaker’s profit has continued tumbling, with net income falling 54.8 percent in the last quarter, to 59 billion yen ($540 million) on a yearly basis. Moreover, the company expects the situation to get even worse, as Nissan reduced its profit forecast for the fiscal year (ending in March) to 110 billion yen. Also, the officials hinted at a possible revision of the full-year dividend, which had been projected at 40 yen per share. The company’s profit plunged by 70% and it has cut its sales forecast for the year, so now, Nissan expects to sell 5.2 million cars for the fiscal year - 5.4% less than what it initially anticipated. Nissan’s unit sales declined in all major markets, including Japan, the United States, China and Europe. Globally, the unit sales declined by 6.8 percent. After the disappointing numbers and forecasts, Nissan stocks lost over 2.5% on Tuesday and could stay under the selling pressure in the short term.

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