Stocks
Nike Misses Q1 Revenue Targets Amid Mixed Financial Results
Nike's first-quarter financial results were met with disappointment as the company missed analyst estimates on revenue. The sportswear giant reported $11.21 billion in revenue for Q1, falling short of the expected $11.33 billion. However, Nike's adjusted earnings per share of 48 cents beat expectations of 44 cents.
The stock market was initially trending upward this morning, with Dow futures rising by around 200 points on Friday. Nevertheless, shares in Nike dipped sharply, dropping 9.5% to $31.82 in pre-market trading. This decline is reflective of the company's mixed performance in Q1.