From Financial Modeling Prep: 2024-12-20 08:42:00

Nike (NYSE:NKE) saw its shares tumble over 7% in pre-market trading despite beating second-quarter earnings estimates. The company reported earnings per share of $0.78, exceeding analyst predictions of $0.65, with revenue hitting $12.4 billion, higher than the expected $12.18 billion. However, challenges persisted, with revenue down 8% year-over-year and gross margin contracting to 43.6%.

Sales in China took a hit, dropping 27% to $375 million, highlighting ongoing struggles in a key market for Nike. Looking ahead, the company’s third-quarter revenue forecast, projecting a low double-digit percentage decline, fell short of market expectations, with an even steeper decline anticipated in the fourth quarter. Investor sentiment was dampened by these projections.



Read more at Financial Modeling Prep:: Nike Stumbles Despite Beating Q2 Expectations, Sha…