Nissan Motor's Shares Tumble After Quarterly Loss, Restructuring Plan

Dow Jones2024-11-08

By Kosaku Narioka

Nissan Motor's shares fell sharply after the company swung to a quarterly net loss, lowered its annual guidance and announced a restructuring plan that cuts 9,000 jobs globally.

The stock was recently 8.9% lower at 373.4 yen on Friday morning in Tokyo after falling as much as 10% earlier.

Nissan said after Thursday's market close that it booked a net loss of Y9.3 billion, equivalent to $60.8 million, for the three months ended Sept. 30. That compared with a net profit of Y190.7 billion a year earlier and missed the Y43.8 billion net profit projected in a poll of analysts by data provider Quick.

The automaker now expects global sales to drop 1.2% to 3.4 million units for the fiscal year ending March, down from 3.65 million units projected previously. It lowered forecasts for all major markets, cutting big in China and North America.

Like other carmakers, its business in China has been hurt by intense price competition and consumers' shift away from conventional gas-powered vehicles.

Nissan projects that fiscal-year operating profit will drop 74% to Y150 billion, worse than the 12% decline expected previously. It retracted previously issued annual-net-profit forecast, saying it is examining the costs of the restructuring.

Nissan said it would cut 9,000 jobs globally without specifying when or where, and reduce its worldwide production capacity by a fifth to achieve healthy growth going forward.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

November 07, 2024 19:57 ET (00:57 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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