NIKE, Inc. (NYSE: NKE) reported revenues of $13.4 billion for the second quarter of 2024, up 1% on a reported basis and down 1% on a currency-neutral basis compared to the same period last year.
Net income was $1.6 billion, up 19%, and EPS was $1.03, up 21%, from last year.
Earnings beat estimates while revenue fell short.
Cash and equivalents and short-term investments were $9.9 billion at the end of the quarter.
“NIKE’s second-quarter financial performance was a turning point in driving more profitable growth. As we look ahead to a softer second-half revenue outlook, we remain focused on strong gross margin execution and disciplined cost management.” – Matthew Friend, CFO
The stock was down over 11% during premarket hours on Friday.