After issuing a profit warning for the first half of the 2025 fiscal year, Nike announced plans to cut approximately 740 employees at its global headquarters in Oregon, starting June 28. This layoff plan is part of Nike’s $2 billion cost-saving initiative announced last December for the next three years. In February this year, the company also stated its intention to reduce its global workforce by about 2%, or over 1,600 positions. Nike’s revenue for the third quarter of 2024 increased 0.3% YoY to $12.43 billion, surpassing market expectations, with net profit rising by 5% to $1.172 billion.