1Q Nissan profit declines 73% due to US discounts, shares drop 7%.

Nissan's Q1 profit wiped out by US discounts, shares hammered: Nissan's first-quarter profit was almost completely wiped out due to deep discounting in the United States, resulting in a 73% decline in net profit. The Japanese automaker's shares dropped by 7% following the announcement. Nissan's CEO, Makoto Uchida, blamed sales incentives and marketing expenses for the challenging results, mainly attributed to intense competition, particularly in the U.S. market.