Nissan Slashes 2008 Profit Forecast

Nissan Motor (NSANY Quote) said second-quarter net income fell 39% to 73.5 billion yen ($760 million) on a severe decline in the U.S. market and as the global economic crisis hit all areas of the auto industry.

The Japanese automaker lowered its net income forecast for 2008 to 160 billion yen from earlier estimates of net income of 340 billion yen.

Nissan said net revenue in the second quarter fell 3.7% to 2.5 trillion yen. Operating profit fell 49%, while operating margin in the quarter was 4.4%. ...