Nike is losing value at an alarming rate, but it's crushing Instagram
At a time like this, who could focus on a silly thing like a third-quarter earnings report? Well, Nike ($NYSE:NIKE) can, because at the end of the day it's about making money and nothing else. The closing of retail stores was a necessary move for both safety reasons and basic common sense. Yet it's still one that could leave the athletic apparel maker very deep in the hole. Like, $35 billion in the hole.
Nike is expected, according to Zacks Investment Research, to post $0.62 per share which is down 8.8% from last year at this time. You know, Spring 2019, when there wasn't a global pandemic.
While the company added 5% to its workforce this year, most of whom are now working at home, that hasn't stopped the market from falling out from under Nike. Since the outbreak really started affected people's lives earlier this month, the company has lost 38% of its total value.
But who cares when you're the second-biggest brand account on Instagram besides National Geographic? Nike added seven million more followers, or 7%, to its Insta. Or 'gram, whatever the kids call it. Nike's even sharing posts about the virus, so at least they're using their massive amount of followers for good.
About the Data:
Thinknum tracks companies using the information they post online - jobs, social and web traffic, product sales and app ratings - and creates data sets that measure factors like hiring, revenue and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.