Reuters first to report Nike’s revenue warning 

Reuters was ahead of rivals when sportswear giant Nike projected a surprisingly steep decline in full-year revenue and said it would reposition some businesses including its legacy Jordan brand, sending shares down more than 8% in extended trade. 

Why it matters

The tepid forecast underscored that Nike’s challenges will ‌likely persist for at least several more quarters — especially in China, where sales tumbled 26% on a constant-currency basis in the first quarter — adding to investor unease about the pace of CEO Elliott  Hill’s turnaround.