Nike Stock Slumps as Revenues Plummet
Nike's stock price plummeted by 4% on Friday after the sports apparel retailer announced a more significant decline in sales than expected.
The company reported quarterly revenue that missed estimates, with sales dropping in China and its Europe, Middle East, and Africa segment.
Nike expects revenues to fall by 'high-single digits' this fiscal year, a steeper decline than the low-single digit drop analysts anticipated.