Nike whipsaws after mixed earnings report

Nike‘s stock was whipsawed after the company released a mixed first-quarter 2018 earnings report.

The athletic shoe and apparel retailer reported profit of $US0.57 per share, exceeding analyst estimates of $US0.48. Nike also reported quarterly revenue of $US9.07 billion that fell slightly short of the consensus forecast of $US9.09 billion.

“This quarter, we captured near-term opportunities through our new Consumer Direct Offence,” Nike chairman, president and CEO Mark Parker said in a statement. “Looking ahead to the rest of fiscal 2018, we will ignite Nike’s next horizon of global growth through the strength of our brand, the power of our innovative products and the most personal, digitally-connected experiences in our industry.”

Nike shareholders could use some relief after absorbing a plunge of almost 11% since the company’s stock hit a more than 11-month high in early August.

Following the first-quarter 2018 earnings news, shares of Nike slipped less than 0.1% to $US53.65.

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