… and it’s not working.
Public pronouncement yesterday of 2%, which is merely rhetoric doubling down on previously announced layoff at earnings… clearly indicates this layoff is for stock bump.
Unfortunately it’s not working. Wall St needs innovation and hot product for which it’s been lacking. This layoff band aid ain’t gonna heal anything for investors. Innovation team needs complete overhaul, stagnant and out of touch from today’s consumer.
Innovation team at Nike already went through layoffs in December. The funny part about the perception of Innovation from posters on here is that they think making new things is easy... I've watched smart people who are experts code / tech items try to come up with a viable new idea... HILARIOUS.
@try: the stock is down today because Oppenheimer issued a downgrade. They think Nike will struggle for another year or so before regaining momentum.
The entire innovation department went through their round of layoffs early December 2023.
The reason this is in two phase because Nike wants to see market reaction after Q3 earnings, if not positive phase 2 will be larger to please the shareholders
Anyone that thinks the innovation/NXT teams are safe are smoking tree. That team is so incompetent and delivers nothing of value. Float along with no deadlines or sense of urgency and always pivoting with any new level of leadership.
@uaz - AI and innovation are for name sake , doesn’t work in real world ! Layoffs are not ideal in current economy and companies should stop spending on AI as of today until economy gets good and there is no need to layoff! Bots cannot replace humans!
Buy more stock, it’ll go up after Q3 earnings. As a shareholder, I approve this decision. I love to see JD go and someone with footwear background come in as CEO. Hopefully not any existing leader
Haha ironically the innovation team at Nike is safe….
It will drop. It settles, then next earnings call and it will go up as investors will be happy.
Buy cheap and that's hoe they get richef
NKE down 3.5% on Friday morning PST. FU JD!