Nike Sends Warning About Slowing Consumer Spending

Nike cut its revenue outlook for the year amid concerns that consumers around the world are becoming more cautious with their spending.

The sneaker and apparel company on Thursday said it anticipates softer sales for the second half of the year. It also plans to shave up to $2 billion in costs over the next three years through streamlining the organization and shedding employees among other moves. Shares plunged nearly 11% in after-hours trading.