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 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,