Nike stock plunges as sneaker giant reveals $2B in cost cuts gist.github.com
Nike unveiled a $2 billion cost-savings plan that suggested significant layoffs are looming — and sent the athletic apparel giant’s share price tumbling more than 10%.
Nike plans to incur as much as $450 million in severance costs that “will be recognized largely in the third quarter,” Chief Financial Officer Matt Friend said on an earnings call with investors on Thursday.
For reference, when the company slashed its workforce by 700 in 2020, it incurred between $200 million and $250 million in severance costs.
The figure means Nike’s global workforce of roughly 83,700 are in for a bloodbath in the current quarter, which ends on Feb. 28, 2024.
It wasn’t immediately clear which jobs would be affected.
Nike’s stock closed down 12% at $108.04.
Nike announced the plan as part of its second-quarter earnings report also released Thursday, when it posted disappointing sales, particularly in China, which raked in $1.86 billion.
https://gist.github.com/sedcvt/50744749de8a726fddf319a96aea2307
https://gist.github.com/devatd/8b86e32574cfa4b04157feb424197bf3
https://gist.github.com/axldex/59e4017506767a07718b29b5fd6184e8
https://vk.com/@majorcineplexuhd-4kings-ii-2023-42
https://m.facebook.com/media/set/?set=a.122112293414143692
https://www.onfeetnation.com/profiles/blogs/tulungangustinuagung