Nike warns of layoffs as stock hits 13-year low

What happened

The post Nike warns of layoffs as stock hits 13-year low appeared first on Protos . Nike told investors on Thursday to expect layoffs, weaker profitability, and fewer Jordan launches, as its stock crashed to a 13-year low.

The sporting apparel titan closed Thursday’s regular trading session at a market capitalization of $53 billion, down from $264 billion at its November 2021 peak, and immediately proceeded to crash another 9% in after-hours trading. Nike executives are trying to halt the ongoing collapse, and unveiled a few initiatives in its most recent earnings report.

In particular, they want to wind down China’s online discount web channels, cut jobs, and decrease retro product launches. After nearly 18 years, the S&P 100 Index has dropped Nike as a constituent amid falling sales, profitability, and headcount.