Nike misses North America revenue estimates, shares drop

(Reuters) - Nike Inc missed North American quarterly revenue estimates on Thursday amid higher spending on new products and online initiatives, sending its shares down 3 percent in extended trading. Quarterly revenue in North America rose 7 percent to $3.81 billion, but missed estimates of $3.87 billion.

Reuters March 22, 2019 03:05:21 IST
Nike misses North America revenue estimates, shares drop

Nike misses North America revenue estimates shares drop

(Reuters) - Nike Inc missed North American quarterly revenue estimates on Thursday amid higher spending on new products and online initiatives, sending its shares down 3 percent in extended trading.

Quarterly revenue in North America rose 7 percent to $3.81 billion, but missed estimates of $3.87 billion.

Total revenue also increased 7 percent to $9.61 billion, in line with analysts' average estimate, according to IBES data from Refinitiv.

This is the first time in six quarters that Nike has failed to beat total revenue estimates.

The maker of Air Jordan sneakers reported a net income of $1.1 billion, or 68 cents per share, for the third quarter ended Feb. 28, compared with a net loss of $921 million, or 57 cents per share, a year earlier, when the company incurred a $2 billion charge related to U.S. tax reform.

Analysts on average had expected earnings of 65 cents per share.

(Reporting by Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Goods train runs over two persons crossing railway line in Mathura
India

Goods train runs over two persons crossing railway line in Mathura

Both were trying to free their motorcycle from the rail track when the accident occured, SP (City) Martand Prakash Singh said

Cryptocurrency prices tumble and exchange trading falters as snags crop up
News & Analysis

Cryptocurrency prices tumble and exchange trading falters as snags crop up

NEW YORK (Reuters) -The price of cryptocurrencies plunged and crypto trading was delayed on Tuesday, a day in which El Salvador ran into snags as the first country to adopt bitcoin as legal tender. Shares of blockchain-related firms also fell as crypto stocks were hit by trading platform outages. But the major focus was on El Salvador, where the government had to temporarily unplug a digital wallet to cope with demand.

Ford poaches Apple's car project chief Doug Field
News & Analysis

Ford poaches Apple's car project chief Doug Field

By Joseph White and Sanjana Shivdas (Reuters) -The head of Apple Inc's car project, Doug Field, is going to work for Ford Motor Co to lead the automaker's advanced technology and embedded systems efforts, a hiring coup for Ford Chief Executive Jim Farley.