Hundreds of thousands of people know Nike Inc (NYSE:NKE) as the largest sports gear organization of the world. In order to get rid of the current market competition and expand its reach, the company is slowly morphing into a tech company. As per the reports, Apple Inc. (NASDAQ:AAPL) is supporting Nike in becoming a tech company.
Insights On The Matter:
Christine Short of Estimize calls it an intelligent move as the market spectrum is changing continuously. Nike Inc (NYSE:NKE) is all set to announce its earnings on Thursday, which means that shareholders may hear a line or two about its partnership with Apple as well. There are unlimited opportunities available in smart apparel and wearable technology field, which are up for grabs. It’s a great move by the company to reposition itself into something unique and full of options.
It is not the first time when Nike has come out with an expansion plan. Earlier this month, it announced to expand operations globally, for which it joined hands together with prominent names like Garmin Ltd. and TomTom. The primary reason for taking this step was to give runners a better way to map their progress with the help of technology. When Nike will announce its earnings on Thursday, all eyes will be on its announcement of the partnership with Apple. It will be great to see as how company positions itself in a perfect alignment with Apple Watch, the latest offering of technology giant.
Market experts anticipate that any news concerning wearable technology can set up Nike’s 3Q2015 in a fabulous manner. Amongst many others, Analysts of Wall Street have anticipated profits to revolve around $0.85 cents, at least 11% more on YOY basis. They also hope that revenues will touch $7.63 billion mark, 9.5% more than the previous year. If Nike announces partnership with Apple Inc. (NASDAQ:AAPL), then many more such growth figures will come to light in the near future.