Nike stock wavers as revenue falls short of Wall Street estimates

Published On Oct 1, 2024, 4:23 PM

Nike reported its fiscal first quarter results which included earnings per share of $0.70, surpassing Wall Street's estimate of $0.52. However, their revenue of $11.59 billion fell slightly short of expectations which were set at $11.65 billion. This marks the sixth consecutive quarter of subpar revenue performance for the company. The recent announcement of a CEO change, with Elliott Hill returning to the position, has created some investor optimism, but overall concerns about the company's growth strategy and competition continue to loom. Analysts suggest that it may take time for any potential positive impacts from the new CEO to be felt in the company's performance.