Shares of Nike, Inc. plunged over 5% in Wednesday's premarket trading after the company reported a drop in revenue and withdrew its full-year guidance as it released its latest quarterly results.

The sports goods maker said revenue in the first quarter of its fiscal 2025 plummeted 10% year over year to $11.6 billion and its net income dived 28% to $1.05 billion. The company also postponed its investor day, which was initially scheduled for November.

Nike tumbled 5.55% to $84.25 at 6:50 am CET.