Toyota Q1 profit tumbles as supply constraints, costs bite
The scale of the earnings hit was far beyond expectations - analysts polled by Refinitiv had estimated a 15% drop - and appeared to catch investors by surprise. Toyota's shares extended losses, sliding 3%.Despite the grim quarter, the automaker stuck to both its forecast for full-year operating profit and its plan to produce 9.7 million vehicles this year, citing what it said was strong residual demand.