Nike told investors on Thursday to expect layoffs, weaker profitability, and fewer Jordan launches, as its stock crashed to a 13-year low. The company’s market capitalization fell to $53 billion, down from $264 billion at its November 2021 peak, before dropping another 9% in after-hours trading. Revenue for the most recent fiscal quarter slipped 4% to $11.2 billion, shy of the $11.3 billion consensus, and the full-year sales forecast calls for a high-single digit percentage decline. The Converse division collapsed 28%, Nike’s own digital sales fell 13%, and Greater China declined 26% on a currency-neutral basis. Nike was removed from the S&P 100 index this month after 18 years of inclusion.
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