Nissan Motor saw first-quarter profit almost completely wiped out Thursday and slashed its annual outlook, as deep discounting in the United States shredded the Japanese automaker's margins.
The results were far short of analyst estimates and sent Nissan's shares down 7%. Investors will now likely have to worry about the car maker's outlook in the United States, a fresh concern for a company already fighting to turn around its fortunes in another critical market, China.
Operating profit for the April-June period totaled ¥995 million ($6.5 million), compared with ¥128.6 billion in the same period a year earlier, and just a sliver of the ¥164.4 billion predicted in a poll of five analysts by LSEG.
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