Nike (NKE) is Down by 2% In Connection With the Revenue Loss

According to Yahoo Finance, the quarterly loss of Nike (NKE), one of the world's largest manufacturers of sportswear, amounted to $790 million.

Nike's revenue for the last quarter was $6.3 billion, 38% down from the same period of last year. Nevertheless, the online sales volume grew by 75%. Administrative and other expenses decreased by 6%, reaching $3.2 billion.

At the same time, the company was not able to reach net profit contrary to the expectations of experts. Nike's net loss was $790 million, or $ 0.51 per share. The company attributes the decline in financial performance to the consequences of the coronavirus pandemic.

From the technical point of view, the NKE share could not fix above the $100 mark, confirmed the bears' pressure. Over the last 24 hours, the stock has lost 2%.