Shares of athletic apparel maker (NYSE: NKE) sank on Wednesday after the company reported financial results for its fiscal first quarter of 2025, pulled its full-year guidance, and delayed its upcoming investor-day presentation. As of 10:30 a.m. ET today, Nike stock was down 7%.
Nike just hired Elliott Hill as its new CEO, but he doesn't start for about another two weeks. It's unfortunate for investors because they need to stay patient when it comes to this year's financial goals and the company's long-term vision -- it's reasonable to allow Hill time. And in the interest of giving him time, Nike officially postponed the investor day it had planned for November and withdrew its financial guidance for this year.
With these changes, investors don't quite know what to expect this year and beyond for Nike, which partly explains the negative reaction today. But investors are also looking at the numbers. The company had first-quarter net income of $1.1 billion, which was better than expected. But these profits were still down 28% year over year.
Source Fool.com