America

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 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
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<p class="has-drop-cap">Nike Inc. (NYSE: NKE) recently implemented a significant cost-cutting measure: it <a href="https://www.msn.com/en-us/money/companies/nike-layoffs-reach-its-european-headquarters-in-the-netherlands/ar-BB1nDenX?item=flightsprg-tipsubsc-v1a?season=2024" rel="dofollow" class="deco-link" target="_blank">laid off staff</a> at its European headquarters in Hilversum, the Netherlands. <br><br>This move is part of a larger plan to reduce costs by $2 billion and the company’s global workforce by 2%. The news of these layoffs has positively impacted the company’s stock, currently trading at $97.59, up 1.95% over the day’s trading session and up 2.90% over the last five days.</p> 
<h3 id="nike-s-european-headquarters-hit-by-layoffs">Nike’s European Headquarters Hit by Layoffs</h3> 
<p>The Hilversum campus, known internally as EHQ, is home to over 2,000 employees. The European, Middle East, and Africa (EMEA) region significantly contributes to Nike’s revenue, accounting for $13.4 billion last year, representing approximately 26% of the company’s global sales.</p> 
<p>In a February memo, CEO John Donahoe mentioned that the EMEA layoffs would occur on different timelines than North America due to local labor laws.</p> 
<p>While the exact number of layoffs in Europe, the Middle East, and Africa was not specified, the cuts are part of the <a href="https://tokenist.com/stocks-in-focus-lululemon-nike-and-tesla-slump-amid-headwinds/" rel="dofollow" class="deco-link">overall 2% global workforce reduction</a>. 750 employees were laid off at Nike’s global headquarters in Beaverton, Oregon.</p> 
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<h3 id="nike-stock-performance-and-key-metrics">Nike Stock Performance and Key Metrics</h3> 
<p>At 12:02 PM EDT, Nike Inc. stock was trading at $97.59, with a market capitalization of $147.298 billion. The company’s <a href="https://tokenist.com/investing/p-e-ratio/" rel="dofollow" class="deco-link">PE Ratio</a> (TTM) stands at 28.15, with an <a href="https://tokenist.com/investing/how-to-value-a-stock/" class="deco-link">EPS</a> (TTM) of 3.40. Nike offers a dividend of $1.36, yielding 1.39%.</p> 
<p>The stock’s year-to-date return is -9.44%, while the 1-year return is -6.79%. However, the 5-year return is positive at +24.82%. Nike’s recent earnings date was June 22, 2024, and the next <a href="https://tokenist.com/investing/what-is-dividend-investing/" rel="dofollow" class="deco-link">ex-dividend date</a> is June 5, 2024.</p> 
<p>As of 12:03 PM EST, Nike Inc. (NKE) stock is trading with a live market status. The stock price at 12:03 PM EST is $97.59, reflecting a +1.95% increase from the previous trading day. The stock has a beta of 1.16, indicating moderate volatility compared to the market.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><strong><em>Do you think Nike can turn its momentum around in 2024? Let us know in the comments below.</em></strong></p> 
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p> 
<h3 id="br"><br></h3> 
<p>The post <a rel="nofollow" href="https://tokenist.com/nike-shares-gain-amid-cost-cutting-measures-europe-layoffs/">Nike Shares Gain Amid Cost-Cutting Measures, Europe Layoffs</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Nike Shares Gain Amid Cost-Cutting Measures, Europe Layoffs

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