StocksMediumUpdated•Originally published 1 October 2026•Updated 2 October 2026•
1 min read
Nike Shares Plunge 10% in Premarket Trading on Weak Revenue Outlook
Key Facts
1Nike issued a weak revenue forecast, fueling investor concerns over the pace of CEO Elliott Hill's turnaround strategy.
2The company plans to slash more jobs following disappointing sales results.
Nike shares plummeted 10% in premarket trading after the company issued a weak revenue forecast and announced plans for additional job cuts. The New York Post reported that the layoffs follow disappointing sales results as the sportswear giant struggles with a slump in key markets, including China, amid CEO Elliott Hill's turnaround efforts.
NKE was trading significantly lower on October 2, 2026, following the announcement, after previously closing at $35.40 on September 30, 2026. The company now expects fiscal 2027 revenue to decline in the high-single digits, highlighting persistent structural headwinds for the brand.