Nike's stock dropped nearly 20% on Friday, losing $28 billion in shareholder value as the company expects sales to decline in the coming fiscal year. Nike's stock price has dropped steadily since November 2021 from over $177 per share to about $75 per share at the end of last week. It was Nike's worst single-day stock performance since going public in 1980. Nike has laid off 2% of its workforce, cutting $2 billion from payroll costs.
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00:00It's Benzinga, and here's what's on the block.
00:02Nike's stock dropped nearly 20% on Friday, losing $28 billion in shareholder value as
00:08the company expects sales to decline in the coming fiscal year.
00:11Nike's stock price has dropped steadily since November 2021, from over $177 per share to
00:16about $75 per share at the end of last week.
00:20It was Nike's worst single-day stock performance since going public in 1980.
00:24Nike has laid off 2% of its workforce, cutting $2 billion from payroll costs.
00:29For all things money, visit Benzinga.com.