Nissan shares hit historic low following results
Nissan Motor Co’s shares plunged as low as 10.3% during their early Wednesday trade. The drop, which came to be the sharpest in four months, could be attributed to the automaker’s weaker-than-expected guidance for the current fiscal year.
The Japanese car provider breached expectations on Tuesday, with global chip shortage and surging prices of raw materials boosting the company’s emergence from its annual operating decline. This, in turn, brought a bright outlook that the company will return to profitability in the year ending March 2022.
While the company defied its February forecast, it still reported an annual operating loss worth 150.65 billion yen in the year ended March. The figure came larger than last year’s drop of 40 billion yen, with expectations coming lower than the 241.7 billion yen profit predicted by SmartEstimate.