Why Nike Stock Is Falling Hard Today
Nike (NYSE: NKE) reported results for its fiscal 2023 first quarter after the closing bell Thursday, and investors didn't like what they saw.
While the company beat analysts' consensus top- and bottom-line estimates, investors are concerned that its inventories rose significantly. In the wake of the report, the retail stock tumbled, and was down 10.2% as of 10:43 a.m. ET Friday.
For the quarter, which ended on Aug. 31, Nike reported revenue of $12.7 billion -- an increase of 4% from the year-ago period, and ahead of Wall Street's average estimate of $12.3 billion.
Source Fool.com
