Shares of athletic apparel company (NYSE: NKE) got hammered on Friday after the company turned in disappointing financial results for its latest quarter. Slowing sales have some worried that the company is losing market share. And that's why Nike stock was down nearly 11% as of 10 a.m. ET.

Nike just reported financial results for its fiscal second quarter of 2024. In Q2 (which ended on Nov. 30), the company generated revenue of $13.4 billion, which was only up 1% year over year. And this outcome was certainly below the market's expectations as well as below management's expectations.

Nike's management had guided for full-year fiscal 2024 revenue growth in the mid single digits. But after its Q2, management now only expects 1% full-year growth.

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Source Fool.com