Nike announces layoffs: 740 employees to be laid off at Oregon headquarters 

Nike will be laying off 740 employees at its Oregon, U.S. headquarters, according to a letter the company released on Friday. 

The sportswear giant is taking this step in an effort to reduce costs following a projected revenue decline in the first half of FY 2024-25. 

Michele Adams, Nike's vice president for people solutions, stated that the "second phase of impacts" is set to commence by June 28. This move comes after Nike announced a cost-saving initiative to trim $2 billion over the next three years in December. 

In February, the company revealed its intention to cut approximately 2% of its workforce, which accounts for more than 1,600 positions. As of May 31, 2023, Nike had around 83,700 employees.

The company's shares experienced a slight increase in after-hours trading, despite dropping nearly 13% since the beginning of the year. After-hours trading refers to the purchase and sale of securities outside the regular market hours of the exchange.

Nike is among several firms in the U.S. and Canada that have recently announced layoffs to manage costs amidst an uncertain demand landscape.

In March, Nike indicated that its revenues in the first half of FY 2024-25 would come down by a low-single-digit percentage. This is as the sportswear giant seeks to streamline certain product lines.