Nike reacts to earnings report

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Due to the release of the Nike quarterly financial results, the stock price of the company started Friday's trading with a gap up of 10.72%. However, the higher opening was followed by a step decline.

The stock price had ended Thursday's trading at $89.64. Friday's trading started at the $99.25 level. However, by 15:45 GMT, the equity price had reached the $95.00 mark and the gains for the day had reduced to just 6.00%, as the gap was being closed.

Stock market analysts expected the company to report quarterly earnings per share of $0.756. The actual earnings were 24.37% higher at $0.94 per share. The higher earnings per share are assumed to be the cause of the initial higher opening.

Meanwhile, total revenue almost hit the forecast $13 billion. The company's quarterly revenues were $12.939 billion.

The combination of the two data sets indicate that Nike did not make more money, but most likely cut costs. The cost cutting signals that the future might not be as profitable as this quarter, which in turn caused the post-earnings sell off.
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