Nike shares plummet 10% after weak revenue outlook and layoff plans underway

A pedestrian looks at a smartphone while walking past a Nike store on May 31, 2026, in Shenzhen, Guangdong Province, China. Cheng Xin | Getty ImagesNike's shares plummeted in premarket trading Friday, falling for a second straight day after it reported falling revenue and plans to lay off staff in 2027. The sportswear giant said Thursday that its fiscal first-quarter revenues were down 4% to $11.2 billion, citing declines in Greater China, which was partially offset by growth in its North America segment. Its net income was $712 million, down 2% from $727 million the previous year. "We have more work to do in NIKE Sportswear, Jordan Brand and Greater China, and we're taking deliberate actions to strengthen those businesses the right way for the long term," Nike President and CEO Elliott Hill said in the release. Nike expects revenues to decline in the high-single digits in 2027. Its shares were last down 10.36% in premarket trading on Friday and have declined nearly 45% since the beginning of the year. Stock Chart IconStock chart iconNike's shares since the beginning of the year. The company also announced its new operating model "Pace," which is expected to deliver $2.5 billion in...