Nike Shares Drop After Reporting Slow Growth and Weak Outlook

Nike stock fell 8.7% after reporting mixed Q3 results and weak full-year guidance showing little improvement from last quarter
Revenue expected to grow only 1% for full fiscal year 2024 due to ongoing macro headwinds
Beat analyst EPS expectations for the quarter, revenue and margins narrowly outpaced estimates
Nike-branded sales up 21% year-over-year, driving growth, but Converse revenue dropped 20%
Stock is volatile, today's 8.7% drop indicates market sees news as meaningful but not fundamentally changing business