Japanese automaker Nissan Motor (NSANY) ADRs fell more than 2.8%, to $13.92 Wednesday, as the company appeared to back a published report saying it will post a 90% drop in its latest quarterly operating profit.
The company's official financial numbers are expected Thursday.
The Nikkei Shimbun reported Wednesday that the company is planning thousands of fresh layoffs as part of an effort to cut costs. The company's operating profit is expected to be less than 10 billion yen, vs. 109 billion yen a year ago, according to the paper.
Nissan said in a statement Wednesday that the operating profit figure reported in the Nikkei Shimbun article was "broadly accurate."
Nissan is expected to announce plans to cut another 5,200 jobs, in addition to 4,800 cuts announced in May. The combined total would represent more than 7% of Nissan's 138,000 workforce.
Nissan is struggling to recover from the scandal caused by its former chairman Carlos Ghosn, who awaits trail on allegations of financial misconduct. Ghosn maintains his innocence.