Nike Inc Down 9.80% To $109.99 After Earnings Beat

Nike Inc (NKE) said after close Thursday that it earned $1.03 per share in quarter two 2024.

On the revenue line, the company reported $13.4 billion, missing estimates by $42 million.

In the same quarter a year ago, the company earned $0.85 per share on revenue of $13.3 billion.

The stock is down 9.80% to $109.99 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 61. Meanwhile, the average Wall Street analyst rated the stock a Buy.

Nike is the largest athletic footwear and apparel brand in the world. It designs, develops, and markets athletic apparel, footwear, equipment, and accessories in six major categories: running, basketball, soccer, training, sportswear, and Jordan. Footwear generates about two thirds of its sales. Nike's brands include Nike, Jordan, and Converse (casual footwear). Nike sells products worldwide and outsources its production to more than 300 factories in more than 30 countries. Nike was founded in 1964 and is based in Beaverton, Oregon.