Nike has revised its revenue forecast for the full year ending in May. The company now anticipates a 1% increase, which is lower than the previously projected mid-single digit growth. Despite reporting second-quarter revenue that matched Wall Street’s estimates and announcing $2 billion in cost cuts over three years, Nike expects a slight decline in revenue for the current quarter. As a result of this news, the company’s shares fell 11% to $108.86 after-hours.
AAR’s Profit Falls Short of Expectations
AAR, an aviation services company, experienced a slight rise in profit during the fiscal second quarter, but it failed to meet analysts’ estimates. Despite increased demand in the company’s parts supply business, sales decreased by nearly 1% compared to the previous year. As a result, AAR’s shares fell 3.8% to $68.10 after-hours.
Mission Produce Faces Challenges in Avocado Market
Mission Produce is expecting lower volumes of avocados in the current quarter due to a lighter Mexican harvest. Additionally, the company anticipates a slight sequential decline in selling price. Despite these challenges, Mission Produce managed to turn a profit in the fiscal fourth quarter, thanks to higher prices. However, these announcements caused the company’s shares to fall 3.1% to $9.27 after-hours.
