Nike shares fall 8.5% on weak FY27 outlook, stock down 40% this year

Nike shares fell 8.5% in extended trading after the company forecast a high-single-digit revenue decline for fiscal 2027 and announced job cuts under a $2.5 billion cost-saving plan. The stock is already down over 40% this year. Weak quarterly results, falling China sales, weakness in Sportswear and Jordan, and declining Converse revenue weighed on its outlook.