Nike Faces Market Challenges

In a surprising turn of events, Nike Inc., the global leader in athletic apparel and footwear, saw its market value plummet below the $100 billion mark this Friday. The company's shares took a 9% hit, a direct consequence of the mixed reactions to its third-quarter earnings results.

Earnings Overview

Despite surpassing analysts' expectations, Nike reported a decline in its revenue for the third quarter of Fiscal 2025. The company's outlook further dampened spirits, with predictions of a sales decline in the low end of the mid-teens range for the fourth quarter.

Market Reaction

By 9:43 am ET, Nike's shares had fallen to $65.39, reducing its market capitalization to $96.72 billion. This significant drop reflects the market's apprehension towards Nike's future performance, especially in light of its recent earnings report.