Thursday unveiled plans to cut costs by about $2 billion over the next three years as it warned about a “softer” revenue outlook for the second half of the year. https://www.cnbc.com/2023/12/21/nike-nke-earnings-q2-2024.html They have doing quiet layoffs for past few weeks so likely continuation of that, https://www.oregonlive.com/business/2023/12/nike-quietly-cuts-employees-in-rolling-layoffs-scope-unclear.html On that though I am big sneaker buyer but I find myself buying not looking at Nike these days as other shoe makers are putting out pretty good designs.
Beauty of jacked up consumer prices. Companies got greedy and raise prices -> less consumer purchases -> cut staff to keep top level well fed. It’s going to hit a lot of industries. Tech was just more sensitive to rates, but high inflation will hurt more industries and cost people jobs. Of course, those CEOs will come out and take full responsibility before heading to a family vacation on private jets.
Nike has turned into overpriced junk. It’s now old bay
Yea Last month in the mall i was wearing my cheap old Nike sneakers and walked into foot locker store and every Nike shoe on display looked cheap and very few models looked decent. Even the sales guy who was early 20s commented how nice my decade old shoe looked…
The Trump economy.
I was here to comment the same 😂
The SNKRS app is hot garbage that should be used as a “how not to do app design” at university courses, so they sure as shit shouldn’t be cutting SWE 🤣
Facts lol
I never understood their products.
I stopped buying Nike entirely because of their woke gimmicks a few years ago. Go broke.
i went to the employee discounted store and still couldn’t find anything worth buying
More non tech layoffs the better it is for tech
How the fuck are they spending that much money making shitty shoes?
Have quite a few friends who work at Nike, it’s severely bloated and where many go to coast. It’s like the Salesforce of the apparel space
What do they work on, websites?
None of them have given me a straight answer lol