Can I have a collective Ahhhh for Nike?

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I LOVE WAKING UP TO GOOD PRESS! 'Woke' Sports giant Nike reported a surprise loss Thursday as shutdowns due to COVID-19 prompted a big drop in revenues in spite of higher online sales. Nike reported a loss of $790 million in the quarter ending May 31, which translated to a loss of 51 cents per share compared with analyst expectations for nine cents per share in profit. Revenues tumbled 38 percent to $6.3 billion following huge declines in sales in most of the world. In North America, the company’s biggest operating region, revenues plunged 46 percent to $2.2 billion. A bright spot was online sales, with digital sales increasing 75 percent during the quarter. The results are among the first by a major company to detail the hit from the coronavirus during the period of peak shutdowns. Nike is on a different fiscal calendar than most other large companies, with its fourth quarter ending May 31. The second-quarter earnings period, which covers the quarter ending June 30, will begin in mid-July. Shares of Nike fell 3.7 percent ot $97.61.

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