Nike layoffs loom as its stock price hits punishing new lows

Shares of Nike Inc. are tumbling to fresh lows Friday morning after disappointing first quarter results and layoff plans. The athletics company reported $11.21 billion in revenue, down 4% year over year. Its revenue failed to meet Wall Street’s expectation of $11.32 billion, according to consensus estimates cited by CNBC. Nike did beat the predicted 43 cents earnings per share, reaching 48 cents earnings per share. As of this writing, Nike stock (NYSE: NKE) was down more than 8%...