GoKawiilNike shares fall 8% as China drags on first-quarter revenue, layoffs planned
Nike reported first-quarter revenue below Wall Street expectations, with weakness in its China business offsetting slightly better-than-expected North American sales. The company unveiled a restructuring plan that will lead to layoffs next year and said it expects full fiscal-2027 revenue to fall by a high-single-digit percentage. Separately, CEO Elliott Hill highlighted strong demand for WNBA star Caitlin Clark's new signature shoe, which nearly sold out within two hours of its U.S. launch.