Nike $NKE falls to its lowest level since 2013 after earnings.
Nike reported $11.21B in revenue for the first quarter, below the $11.33B expected by analysts. Revenue also fell 4% compared with last year.
The bigger concern was the outlook. Nike now expects revenue to fall by a high-single-digit percentage in fiscal 2027, worse than previously expected.
China remains one of the biggest problems, with sales in the region falling 26% during the quarter.
The company is also starting a new cost-cutting plan, aiming to save around $2.5B through fiscal 2031 and announcing more job cuts.
$NKE #Macro Insights#
Nike reported $11.21B in revenue for the first quarter, below the $11.33B expected by analysts. Revenue also fell 4% compared with last year.
The bigger concern was the outlook. Nike now expects revenue to fall by a high-single-digit percentage in fiscal 2027, worse than previously expected.
China remains one of the biggest problems, with sales in the region falling 26% during the quarter.
The company is also starting a new cost-cutting plan, aiming to save around $2.5B through fiscal 2031 and announcing more job cuts.
$NKE #Macro Insights#
