Nissan cuts forecast after quarterly profit plunges 70%

Reuters
Nissan cuts forecast after quarterly profit plunges 70%

Nissan Motor Co reported a 70% drop in quarterly profit on Tuesday and cut its full-year forecast to an 11-year low, hit by a strong yen and falling sales, and highlighting the turmoil at the Japanese automaker after the ouster of Carlos Ghosn. The latest weak showing from Nissan, which also slashed its interim dividend by 65% after its worst second-quarter performance in 15 years, illustrates the scale of the work ahead for its new executive team, which is due to take over on Dec. 1. Following the ouster of former chairman Ghosn almost a year ago, Nissan has been battered by falling profit, uncertainty over its future leadership and tensions with top shareholder Renault SA - whose shares fell 2% to their lowest since April 2013 after Nissan's downbeat guidance.