Nike Shares Drop Nearly 9% in After-Hours Trading; Sales Outlook Is Weak
Nike's shares dropped nearly 9% in after-hours trading due to a weak sales outlook, despite beating revenue and profit expectations in its second quarter. The company reported revenue of $12.3bn, beating analyst expectations of $12.1bn, but revenue declined 8% from a year ago.
Nike reported better than expected quarterly revenue and profit. The company's revenue was $12.3bn, beating analyst expectations. However, revenue declined 8% from a year ago due to weak demand. Nike's shares dropped nearly 9% in after-hours trading. The company's new CEO is working on a turnaround plan. Nike's struggles come as US stocks closed lower for the third consecutive session.
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