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Nike Inc. shares tumbled on Friday, sending the sportswear company’s market value below $100 billion for the first time since the depths of the Covid-19 pandemic after its earnings report signalled that revenue and profitability will remain under pressure.
Its shares slid as much as 9.3 percent to hit the lowest level since March 2020. Friday’s drop erased roughly $9 billion in value, giving the company a market capitalisation of $97 billion. Nike’s shares have now declined in the…
