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Nike
2026-10-02 11:56:59

Nike warns of layoffs as shares sink to a 13-year low

Nike told investors on Thursday to brace for layoffs, weaker profitability, and fewer Jordan launches as the company’s stock fell to its lowest level in 13 years. The sportswear giant ended the regular session with a market capitalization of $53 billion, down sharply from its $264 billion peak in November 2021, then dropped another 9% in after-hours trading. In its latest quarterly report, Nike posted revenue of $11.2 billion, down 4% and below the $11.3 billion consensus, while earnings of $0.48 per share came in above estimates of $0.43-$0.44. Investors focused instead on the company’s guidance: Nike said full-year sales would decline by a high-single-digit percentage and projected adjusted earnings of $1.15-$1.35 per share, far below the $1.68 analysts had expected. The company also outlined a restructuring plan called Pace, which it said would generate cumulative savings of $2.5 billion by 2031. The program includes layoffs beginning in 2027, a new India campus, and a reorganization of sales regions. Weakness was broad-based, with Greater China down 26% on a currency-neutral basis, Converse revenue falling 28% to $263 million, digital sales down 13%, and Jordan revenue also declining.

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Nike warns of layoffs as shares sink to a 13-year low
Apple
2026-07-31 05:09:07

Apple’s fiscal Q3 beat on the surface, but weak guidance and supply pressure sent shares down 6.3% after hours

Apple reported fiscal third-quarter results for 2026, covering the calendar second quarter, with revenue, net income and headline EPS all topping consensus. Revenue reached $109.42 billion, up 16.4% year over year, while EPS came in at $2.02 versus expectations of $1.88. Still, part of that upside came from tariff refunds, which added $0.11 to EPS and about 2 percentage points to gross margin. Excluding that benefit, adjusted EPS was about $1.91 and adjusted gross margin was about 48.1%, both roughly in line with market expectations. The stronger areas were iPhone and Mac. iPhone revenue rose 21.7% to $54.25 billion, and Mac revenue climbed 28.7% to $10.35 billion, both ahead of consensus. By contrast, services revenue of $30.74 billion, Greater China revenue of $18.82 billion and iPad revenue of $6.19 billion all missed expectations. Management also pointed to a weaker outlook for the next quarter, forecasting revenue growth of 9%-11%, below the roughly 12% consensus, and gross margin of 47%-48%, still including about 1 percentage point from tariff refunds. On the earnings call, Apple said advanced-node chip supply will tighten more noticeably in the September quarter and memory costs are still rising. Those comments, together with softer guidance, drove the after-hours sell-off even though end demand did not show clear deterioration in the reported quarter.

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Apple’s fiscal Q3 beat on the surface, but weak guidance and supply pressure sent shares down 6.3% after hours