Nike Inc. (NYSE:NKE) shares slid in Thursday’s premarket trading, extending a sharp 15.51% drop from the prior session that pushed the stock to a new 52-week low. The decline came despite a fiscal third-quarter earnings beat, as a weak forward outlook overshadowed the results.
Broader market pressure added to the negative sentiment. Nasdaq futures fell 2.09% early Thursday, while S&P 500 futures declined 1.16%.
Earnings Beat Met With Skepticism
Nike reported third-quarter revenue of $11.3 billion. Adjusted earnings reached 35 cents per share, topping the 26-cent estimate. Despite this, revenue remained flat year-over-year.
Nike’s sales and operating margin came in slightly ahead of consensus estimates, Telsey Advisory Group analyst Cristina …
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