Nike cuts jobs amid lower profits
Nike is facing a decline in its profits and sales, as its first fiscal quarter of 2027 saw a 2% decrease in profits to $712 million, and revenue dropped by 4% to $11.2 billion. The company is expecting sales to decline by nearly 10% during the current fiscal year. Due to the economic slowdown in China, the company's revenue in the Chinese market fell by 22% to $1.2 billion, while it experienced modest growth of 2% in North America. In response to these pressures, Nike plans to cut an unspecified number of jobs starting from 2027 and will open a new campus in India to enhance efficiency and future growth.
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