Nike Stock Slides to Seven-Month Low After Q2 FY2026 Earnings: China Sales Drop, Tariffs Bite, and Converse Weakens
Nike shares fell 11% to $58.71, a seven-month low, after fiscal Q2 2026 results showed China sales declining and gross margin dropping 300 basis points to 40.6% due to higher tariffs. Revenue rose 1% to $12.4 billion, but profit and Nike Direct sales fell, while wholesale revenue grew.