Nike Stock Sinks as Sales Pressure Mounts. Its $2.5 Billion Cost-Cutting Is Set To Bring More Layoffs.

Source: International Business Times

Shares of Nike fell about 6% in morning trading Friday, extending losses after the company reported declining quarterly sales and laid out a weaker-than-expected outlook. Mario Tama/Getty Images Nike shares tumbled for a second consecutive session on Friday after the sportswear giant warned that revenue will fall sharply this year and unveiled another round of layoffs as part of a sweeping cost-cutting plan. Read moreKylian Mbappé Broke With Nike After 20 Years, Adding To The Company's Woes.