tupungato/iStock Editorial via Getty Images We are just two weeks away from the second quarter earnings season, and the lull phase of the first quarter reporting is slowly coming to an end. In the last week of June, eight S&P companies disclosed their earnings. Here is a quick glance at the financial results that were reported for the week ended June 28.
Out of the eight that reported, two missed on revenue and one on earnings per share; the remaining beat the average analyst consensus for both. When roughly looking at the Q1 season, on average, about 79% of the companies beat their bottom line, while about 55% beat their topline numbers. The biggest action of the week came from Nike ( NKE ) after its FY sales and FQ1 guidance landed short of expectations .
The sports footwear apparel giant's report raised concerns about consumer demand in North America, recovery in China, macro factors, and the impact of competition. During the earnings call with analysts ( transcript ), CEO John Donahoe said FY25 will be a transition year for the company, and revenue is anticipated to fall at a mid-single-digit clip. Thursday's report sent its stock sliding as much as 20% on Friday, while also hitting the biggest intraday percentage drop since 2001.
On Tuesday after hours, FedEx ( FDX ) posted an earnings beat and better-than-expected guidance with its FQ4 report, and its shares shot up by as much as 16% the next day. The package delivery giant sees 2025 revenue growth at a low-to-mid singl.