Nike shares took a tumble this morning due to the company announcing disappointing fiscal Q4 2024 results on Thursday. The NKE shares are currently down over 20% with the stock price at $75.04 USD at the time of writing.

Nike reported revenues of $12.6 billion USD in Q4 2024, down 2% from analysts' projections of $12.84 billion USD. The figure was also below last year's revenue of $12.8 billion USD in the same three-month period. The decline is especially detrimental for Nike, which has already had a tough year as its stock price has fallen 13% since January.

While the actual revenue decrease was minimal, the stock price fell at such a drastic rate due to a 10% sales decline that the brand projected for the current quarter, Q1 2025. The sales decline was originally projected by analysts to only be 3%, so the large difference shook investors' faith in the company. It was also announced that total sales for the 2025 fiscal year are expected to be down in the mid-single digits, as opposed to the 1% increase analysts initially projected.

Not all hope is lost for Nike, however, as net revenue for Q4 2024 saw a large increase from a year prior. The net revenue came in at $1.5 billion USD, which equates to 99 cents per share, compared to $1.03 billion USD in Q4 2023, which equated to 66 cents per share. Overall, Nike’s $51.4 billion USD in sales for the full 2024 fiscal year stayed consistent with 2023’s $51.2 billion USD.

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