On October 1, 2024, athletic apparel giant Nike (NYSE: NKE) unveiled its latest quarterly earnings, sending shockwaves through the market. Despite surpassing expectations with a substantial EPS surprise and improved gross margins, the company’s stock plummeted 10% in the aftermath. The sudden downturn was attributed to investors coming to terms with the harsh reality that Nike’s revitalization efforts are still in their early stages, with a long and arduous road to recovery lying ahead.
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