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Ford slashes profit forecast on weakness in Europe, Asia
[NEW YORK] Ford reported a sharp drop in second-quarter earnings on Wednesday and cut its full-year profit forecast, citing weakness in Europe and Asia Pacific.
Ford, which has been criticised by Wall Street for strategic drift, said a revamping of the company's operations could result in one-time charges of US$11 billion over the next three to five years. Shares tumbled in after-hours trading.