Nissan Cuts Annual Profit Forecast After Steep Q1 Decline

Intense U.S. competition and inventory challenges lead to a significant drop in quarterly earnings.

Nissan's Q1 profit fell 99% to ¥995 million, far below analyst expectations.
Shares dropped nearly 7% following the disappointing earnings report.
Net profit for the quarter declined 73% year-on-year to ¥28.6 billion.
The automaker reduced its full-year profit forecast from ¥380 billion to ¥300 billion.
Nissan plans to boost sales with new models and improved inventory management in the second half of the fiscal year.