The world’s biggest sporting goods company, Nike Inc. (NYSE: NKE), reported Q2 of fiscal 2024 after the US market closed on Thursday.

Nike reported revenue of $13.388 billion for the quarter (up by 1% year-over-year and down by 1% on neutral currency basis), narrowly falling short of Wall Street estimate of $13.391 billion.

Earnings per share (EPS) topped Wall Street estimates for the quarter at $1.03 per share vs. estimate of $0.84 per share. EPS was up by 21% from the year prior.

Company overview

• Founded: 1964
• Headquarters: Beaverton, Oregon, United States
• Number of employees: 3,700 (2023)
• Industry: Apparel, accessories, sports equipment
• Key people: Philip H. Knight (chairman emeritus), Mark Parker (executive chairman), John Donahoe (president and CEO), John Hoke III (chief design officer)

CEO commentary

“Our Q2 results demonstrated how we are getting back on our front foot in our key areas of innovation and growth. This quarter showed strong execution by our team as we focus on our winning formula of innovative product, distinctive storytelling and differentiated marketplace experiences,” CEO of Nike, John Donahoe, commented on the latest results.

Stock reaction

The stock was up by just under a 1% at the end of Thursday’s session at $122.53 a share.

Share price fell by around 5% in the after-hours trading as the latest results were announced.

Stock performance

• 1 month: +13.47%
• 3 months: +33.70%
• Year-to-date: +4.66%
• 1 year: +4.93%

Nike stock price targets

• Raymond James: $130
• Telsey Advisory Group: $140
• Royal Bank of Canada: $127
• DZ Bank: $130
• Citigroup: $135
• Goldman Sachs: $139
• Truist Financial: $108
• Evercore ISI: $124
• Deutsche Bank: $125
• JP Morgan: $137
• Barclays: $119
• Morgan Stanley: $126
• TD Cowen: $120

Nike Inc. is the 60th largest company in the world with a market cap of $186.35 billion.

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Sources: Nike Inc., TradingView, MarketWatch, Benzinga, CompaniesMarketCap

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