耐克五年股價累瀉75%，姆巴佩結束20年合作轉投瑞士品牌On

Nike's turnaround remains slow as quarterly revenue of $11bn missed expectations and management guided for high-single-digit revenue decline next fiscal year alongside $2.5bn in cost cuts through 2031, including job losses. The loss of Kylian Mbappé to rival On underscores competitive pressure and potential brand heat erosion. Near-term sentiment is weighed by weaker demand signals, execution risk in the reset plan, and ongoing challenges in sportswear, Jordan, and China.