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TOKYO (Reuters) – Nidec shares tumbled nearly 9% early on Tuesday after the electric motor maker reported a rise in quarterly operating profit but kept its annual outlook unchanged the previous day.
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The company’s shares were trading down 8.5% by mid-morning, after being untraded with a glut of sell orders earlier in the day.
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After the market close on Monday, the Kyoto-based company posted a 7.6% rise in quarterly operating profit, helped by stronger sales and a weaker yen currency but it stuck to its full-year outlook.
(Reporting by Mariko Katsumura; Editing by Jacqueline Wong)
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