Nike told investors on Thursday to expect layoffs, weaker profitability, and fewer Jordan launches, as its stock crashed to a 13-year low.

The sporting apparel titan closed Thursday’s regular trading session at a market capitalization of $53 billion, down from $264 billion at its November 2021 peak, and immediately proceeded to crash another 9% in after-hours trading.

Nike executives are trying to halt the ongoing collapse, and unveiled a few initiatives in its most recent earnings report. In particular, they want to wind down China’s online discount web channels, cut jobs, and decrease retro product launches.



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