Reported 9 months ago
Nike reported increased profits from cost-cutting measures but saw a sharp drop in shares due to a disappointing outlook, despite hopes of a boost from the upcoming Olympic Games. The company faces challenges like declining revenues in certain business segments, weakened digital sales, and market challenges in regions such as China. Although profits surged 45% to $1.5 billion in the fourth quarter of 2024, sales dipped two percent to $12.6 billion. The company revised its fiscal 2025 projections downward, expecting better performance in the second half of the year under the leadership of CEO John Donohoe, who aims to revitalize the brand with bold marketing at the Paris Olympics.
Source: YAHOO