Home / MARKET / Nike was burned at the stake in China… 3 reasons why stock price jumped 15%

Nike was burned at the stake in China… 3 reasons why stock price jumped 15%

Nike was burned at the stake in China... 3 reasons why stock price jumped 15%
Picture: Collected

Shares of American sporting goods company Nike surged 15.5% in the New York Stock Exchange on the 25th (local time).

It is evaluated that the higher-than-expected sales forecast for this year led to a surge in the stock price. Shares of Nike closed at $154.35, up 15.5% from the previous day.

After the market close the day before, Nike announced its financial results for the fourth quarter (March-May) of the fiscal year.

Nike’s earnings per share (93 cents) and sales ($12.34 billion) in the last quarter both exceeded the Refinitiv aggregate market forecast (51 cents, $11.11 billion).

This is a significant improvement from a net loss of 51 cents per share and sales of $6.31 billion in the same month of the previous year.

Sales in the North American market, Nike’s core market, amounted to $5.38 billion, more than double the same period of the previous year and a 29% increase over the same period two years ago when there was no pandemic impact. See details.

Source: Online/KSU

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