Nike falls short of revenue expectations

Sportswear giant Nike missed Wall Street’s revenue expectations for the first time in two years, the company announced Thursday.

During its first fiscal quarter, Nike pulled in $12.94 billion in revenue compared to the $12.98 predicted by Wall Street.

However, Nike managed to beat analysts’ predictions for gross margin estimates and earnings.

In this regard, Nike earned 94 cents per share in contrast to the 74 cents per share expected by Wall Street.