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The shares of Nissan Motor Co. Ltd. (OTC:NSANY) dropped to a decade low on Thursday after the company missed third-quarter earnings estimates and significantly cut its annual forecast for the financial 2019 year.
What Happened
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Nissan, on Thursday, reported a net loss of $238 million for the third quarter of the year that ended in December.
This is the biggest loss the automaker has posted since the fourth quarter of 2019, noted earlier by the Financial Times.
Nissan also revised its net profit forecast for the whole year to 65 billion, down 41% from the earlier 110 billion forecasted in November.
The company also announced that it would skip paying the annual year-end dividend to shareholders for 2019.
The turnaround plans of the automaker, already engulfed in a scandal involving former chairman Carlos Ghosn, are further affected by the spread of the novel coronavirus in its largest market, China.
In a statement Wednesday, Nissan said that it is seeking $90 million in damages from Ghosn, who staged a dramatic escape from Japan to Lebanon late last year.
Price Action
Nissan's shares closed 9.64% lower at $4.68 on Thursday. This is the lowest Nissan's shares have closed since May 2009.
Photo Credit: Public domain image via Wikimedia.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.