The stock market continued to ride its positive momentum on Friday, closing an extremely strong week for Wall Street.
Revenue nearly doubled year over year to $12.3 billion, representing a 21% gain from the same period two years ago, before the pandemic.
Given the success it has had with online and other direct sales channels, Nike expects to keep making that a bigger part of its business, giving up less to third-party retail channel partners and keeping more of its profits for itself.
Nike’s stock has tripled in less than five years, which is extremely impressive for a consumer goods company that already had strong pricing power.
Gains for Virgin Galactic were even more impressive, as the stock had soared 32% at midday on Friday.
It also validates the extent to which Virgin Galactic has made safety and testing a priority, sometimes to the disappointment of impatient investors who would’ve preferred a faster timeline into space.
Virgin Galactic still has a few test flights left on its schedule, but executives are excited about its prospects.
With the news, Virgin Galactic’s stock returned to levels last seen during the euphoric market period in January and February 2021.