Nike shares fall in after-hours trading – E24

The sports giant’s fourth-quarter revenue fell short of expectations.

Case updated..

Nike reported fourth-quarter results after the Wall Street trading day closed on Thursday.

Here’s what some of the key characters look like:

• Revenue was $12.61 billion, while analysts had expected $12.86 billion, according to Bloomberg estimates.
• Earnings per share (EPS) were 99 cents, compared with expectations of 66 cents.

The stock fell nearly 5% in after-hours trading. Nike shares are down 11.6% so far this year.

Nike has reported some weakness in recent quarters. Nike CEO John Donahoe will cut $2 billion in costs and will lay off 2% of its workforce.

In addition to Deckers Outdoor, the company behind the Hoka running shoes, Nike also faces competition from On.

– We are addressing short-term challenges while still making progress in the areas that matter most to Nike’s future, Donahue said in a statement related to the quarterly report.