https://tokenist.com/nike-up-9-premarket-as-earnings-report-sparks-confidence/
Nike's stock soared by over 9% in premarket trading following the company's impressive Q1 financial report. Nike reported adjusted earnings per share (EPS) of $0.94, surpassing the consensus estimate of $0.75 and last year's $0.93.
Despite slightly missing revenue estimates at $12.94 billion, it exceeded the previous year's $12.69 billion. Notably, gross margins reached 44.2%, outpacing the expected 43.7%.
Furthermore, Nike's inventory decreased by 10% year-over-year, a significant improvement compared to projections. After a challenging 2022 marked by inventory issues and market concerns, the stock's premarket surge offers hope for a turnaround, with potential resistance points at $96.5 and $99.4.
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