Reported 5 days ago
Nike's stock fell approximately 5% in premarket trading following disappointing fiscal first quarter results that revealed a revenue decline and the withdrawal of their annual guidance amid a leadership change. The company reported earnings per share of $0.70 but a revenue of $11.59 billion, both missing estimates, highlighting ongoing struggles in sales across direct and wholesale channels. The change in CEO, with Elliott Hill taking over from John Donahoe on October 14, aims to navigate the competitive sportswear market, which has seen rising challenges and slower growth.
Source: YAHOO