By Kosaku NariokaNissan Motor shares fell sharply after it reported a drop in third-quarter net profit and cut its annual forecast for sales volume. Shares were recently 11% lower at 553.9 yen after falling as much as 12% earlier Friday morning. For the three months ended Dec. 31, Nissan said net profit dropped 42% from a year earlier to Y29.14 billion ($195.2 million). Despite projected lower sales volume, Nissan kept its fiscal-year forecasts for revenue and net profit unchanged, citing the effect of a weaker yen. It continues to project that net profit will climb 76% to Y390.00 billion and revenue will rise 23% to Y13.000 trillion.

Source: Wall Street Journal February 09, 2024 09:53 UTC