Nike's stock slumped 20 percent due to a surprisestumble sales forecast, intensifying concerns about market share erosion to competitors like On and Hoka.
Nike's market valuation dropped by $28.41 billion, marking its worst day ever as it aims to combat market share decline against newer rivals.
Nike's conservative guidance for a mid-single-digit percentage revenue decline in 2024 contrasts sharply with analysts' prediction of a 1 percent rise.
To address falling sales, Nike is cutting back on oversupplied brands like Air Force 1 and reworking its product lineup as part of a $2 billion cost-cutting strategy.
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