Nike shares fall after weaker revenue outlook and new layoff plans

Nike shares fell after the company reported lower quarterly revenue and issued a weaker outlook for the year ahead. The sportswear maker said fiscal firstquarter revenue dropped 4% to $11.2 billion, with declines in Greater China partly offset by growth in North America. The company also said it plans further staff reductions beginning in 2027 as part of a new operating model called Pace. Nike said the program is designed to streamline operations, modernize its supply chain, and generate $2.5 billion in cost savings by 2031. Analysts noted that the latest results and guidance fell short of market expectations, and Nike has already cut jobs twice earlier this year. Shares were down sharply in recent trading and have fallen significantly since the start of the year.