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Nike's share price is plummeting due to several factors revealed in its recent earnings report and future outlook:

1. Declining sales: Nike reported a 2% decrease in quarterly sales for the period ending May 31, 2024[1][2].
2. Gloomy forecast: The company projected a 10% year-over-year decline in sales for the current quarter, significantly worse than the 3% decrease analysts had anticipated[1][2].
3. Revised fiscal year 2025 outlook: Nike now expects a decrease in sales in the mid-single digits for the full fiscal year 2025, contrary to analysts' expectations of a 1% increase[1].
4. Challenges in key markets: Nike is facing difficulties in its Chinese business, with expectations of a 10% decline below the record set in 2021[2].
5. Increased competition: The athletic apparel and footwear sector has become more competitive, with Nike facing pressure from emerging competitors like Alo and Hoka[2].
6. Declining search interest: Goldman Sachs research indicated a consistent year-over-year decline in global search volumes for Nike products since July 2023[2].
7. Management credibility concerns: Some analysts have questioned the company's leadership and their ability to navigate the current challenges[3].
8. Transition period: Fiscal year 2025 is expected to be a transitional year for Nike, with softer performance than anticipated as the company attempts to balance various factors, including product innovation and channel mix[3].

As a result of these factors, Nike's stock experienced its worst one-day percentage decline on record, dropping by approximately 20% on June 28, 2024[1][2][3]. This significant drop has pushed Nike's stock price to its lowest point since January 2019, excluding the brief market crash during the COVID-19 pandemic in March 2020[2].

Citations: [1] https://www.fastcompany.com/91148691/nike-stock-price-today-shares-decline-reason-2025-outlook [2] https://www.forbes.com/sites/dereksaul/2024/06/28/nike-stock-tanks-almost-20-to-4-year-low-why-the-sneaker-giants-struggling/ [3] https://www.morningstar.com/news/marketwatch/20240628374/nikes-stock-sees-biggest-drop-ever-as-some-analysts-question-companys-leadership-after-downbeat-forecast [4] https://www.sportsbusinessjournal.com/Articles/2024/06/30/nike-stocks-down [5] https://sherwood.news/markets/nikes-stock-had-its-worst-day-in-history-dropping-20/