Athletic apparel and footwear giant Nike Inc.'s market value dropped below $100 billion on Friday as its stock fell 9%, pressured by mixed reactions to its third-quarter earnings results.
Nike managed to beat analysts' expectations despite reporting a decline in its revenue for the third quarter of Fiscal 2025. However, the company’s outlook was worse than feared, with fourth-quarter sales expected to decline at the low end of the mid-teens range.
At 9:43 am ET, Nike shares were down 9% to $65.39, bringing its market capitalization to $96.72 billion.
