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Nissan to Report 90% Plunge in Profit, Report Says

  • Analysts had projected a decline of 66% before report
  • Auto sales have been declining in the U.S. and Europe in 2019
People walk past a screen playing a Nissan Motor Co. promotional video at the company's headquarters in Yokohama.

People walk past a screen playing a Nissan Motor Co. promotional video at the company's headquarters in Yokohama.

Photographer: Noriko Hayashi/Bloomberg
Updated on

Nissan Motor Co. said a media report that the company’s operating profit dropped about 90% last quarter was “broadly accurate,” in the latest indication that pressure is building for Chief Executive Officer Hiroto Saikawa to step up efforts to turn around the automaker.

Though the figures reported by the Nikkei newspaper on the company’s fiscal first quarter were roughly correct, the carmaker won’t be able to release its results until they’ve been approved by its board of directors on Thursday, Nissan said in a statement. Analysts had been projecting, on average, a 66% decline from a year earlier, according to estimates compiled by Bloomberg.