Shares of Nike Inc. dropped over 6% during Friday's premarket trading in the United States following the release of the financial results for the third quarter of its fiscal 2024.

The company revealed that its diluted earnings per share in the reported period fell by 3% year-over-year, to stand at $0.77, while net income landed at $1.2 billion, plunging by 5% compared to the same quarter a year earlier. On the other hand, Nike's revenue in the third trimester rose 0.3% to $12.43 billion.

Nike's stock plummeted 6.46% at 8:52 am ET, selling for $94.31 apiece.