Shares of Nike, Inc. (NKE) tanked on Wednesday after the sports goods retailer warned of weaker fourth-quarter revenues and margin pressure.
The stock is currently trading at $45.17, down $7.65 or 14.47%, on the NYSE. It opened at $46.56 after closing the previous session at $52.82. The stock has traded between $45.13 and $80.17 over the past 52 weeks.
Nike reported third-quarter net income of $520 million, or $0.35 per share, down from $794 million, or $0.54 per share, last year. Revenue was nearly flat at $11.279 billion.
Gross margin fell to 40.2% due to higher tariffs and a $230 million restructuring charge. The company expects fourth-quarter revenue to decline 2% - 4%, with China down about 20%.
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