Nike Shares Down 14% Premarket, Co. On conference Call Said It Now Expects FY25 Reported Revenue To Be Down Mid-single Digits, With First Half Down High Single Digits
Portfolio Pulse from Benzinga Newsdesk
Nike shares are down 14% premarket after the company announced on a conference call that it now expects FY25 reported revenue to decline by mid-single digits, with the first half down by high single digits.
June 28, 2024 | 11:06 am
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Nike shares are down 14% premarket after the company announced a downward revision in its FY25 revenue expectations. The company now expects FY25 reported revenue to decline by mid-single digits, with the first half down by high single digits.
The significant premarket drop of 14% in Nike's shares is a direct result of the company's announcement that it expects a decline in FY25 reported revenue. This downward revision in revenue expectations, particularly with the first half expected to be down by high single digits, is likely to negatively impact investor sentiment and the stock price in the short term.
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