Why Nike Stock Lost 21% Last Month
Shares of (NYSE: NKE) fell 20.7% in June 2024, according to data from S&P Global Market Intelligence. The athletic apparel and footwear giant was doing fine until the very last market day of the month, where a disappointing earnings report resulted in a single-day price drop of 17.8%.
At first glance, Nike's fourth-quarter results didn't look terrible. Currency-adjusted revenues came in at $12.6 billion, 2% below the year-ago period's figure. Adjusted earnings of $1.01 per share represented a 53% year-over-year jump. Your average analyst firm was looking for earnings of roughly $0.85 per share on sales near $12.9 billion, so the report was a mixed bag with a slight revenue miss but a large bottom-line surprise.
But the headline numbers don't tell the whole story.
Source Fool.com
Nike Inc. B Stock
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