Adidas (OTC: ADDY.Y) stock recently dropped after the German athletic footwear and apparel maker posted its third-quarter earnings.
Its revenue declined 7% year-over-year (3% in constant currency) to 5.96 billion euros ($7.05 billion), marking its third straight quarter of declining sales as it struggles to recover from the pandemic. Its revenue fell 20% year-over-year (18% in constant currency) in the first nine months of 2020.
Adidas' net income from continuing operations fell 10% year-over-year to 578 million euros ($685 million) during the third quarter, and plunged 83% to 291 million euros ($344 million) in the first nine months.
Source Fool.com