Nike suffers 8% decline in shares after retracting yearly estimates; delays its investor day
Following the sportswear company’s announcement on Tuesday that it will not be releasing its full-year financial performance estimates due to a change in CEO, Nike shares were down 8% on the Wall Street stock market this morning.
The corporation, which on Tuesday reported its fiscal first-quarter results, said it will drop its financial predictions and instead offer a forecast for each quarter.
Following the sportswear company’s announcement on Tuesday that it will not be releasing its full-year financial performance estimates due to a change in CEO, Nike shares were down 8% on the Wall Street stock market this morning.
The corporation, which on Tuesday reported its fiscal first-quarter results, said it will drop its financial predictions and instead offer a forecast for each quarter.
The business recorded fiscal first-quarter earnings of US$1.05 billion, down 28% from the same period last year, and revenues of US$11.6 billion, down 10%.
