The sneaker maker is losing ground in its second biggest market and warns that the next quarter there could be worse.

Nike met Wall Street's sales estimate and posted better-than-expected earnings in fiscal Q3. The company expects sales to decline between 2% and 4% in the current quarter. Management anticipates that revenue from the company's Greater China segment will decline roughly 20% in the current quarer.

Shares of Nike fell sharply in after-hours trading after the company warned of a decline in current-quarter revenue, underscoring persistent challenges in its key China market and an uneven turnaround trajectory.

The work is not finished, but the direction is clear." Nike stock fell more than 3% in after-hours trading on Wednesday. The company reported adjusted earnings per share of $0.35, beating Wall Street analyst estimates of $0.

The iconic sneaker maker is losing ground in its second biggest market and warns that the next quarter there could be worse.

"We're controlling what we can control." Nike stock fell 14% on Wednesday to an 11-year intraday low as the company's guidance showed slower progress in its comeback. In 2026, Nike expects revenue to decline by low single digits,