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

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

Image source: unsplash.com

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.

Image Source: TradingView NKE

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%.

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Saad Ullah E-mail Twitter Facebook

Saad is an engineer with more than a decade of experience in FMCG companies. He loves to write about innovative tech and blockchain.