Nike announced its first-quarter results for fiscal year 2025 today, reporting a 10% YoY decline in revenue to $11.6 billion. In Greater China, first-quarter revenue reached $1.7 billion, a decrease of 3% on a constant currency basis, slightly below analysts’ average expectations. The decline was particularly severe in North America and regions including EMEA, and issues persist with the Converse brand. Nike CFO Matthew Friend stated in an analyst conference call that this decline is attributed to an upcoming leadership transition, with a projected revenue drop of 8% to 10% for the second quarter, similar to the first quarter. Friend noted that innovative and performance products received a positive response in China this quarter, and the company will continue to focus on performance and innovation to meet the demand for new products in the Chinese market. Following the announcement of lower-than-expected revenue, Nike withdrew its full-year performance guidance. After the news was released, Nike's stock fell 6% in after-hours trading, bringing its market capitalization to approximately $133.6 billion.