Nike shares fell due to a projected 1% revenue growth in the next quarter and a revenue drop in the first half of the next fiscal year.

Nike shares tumbled after a tepid revenue outlook, despite promising new Olympic offerings. The sports giant reported flat quarterly sales and profits lower than the year-ago period, but which topped analysts' expectations. However, the shares went down after CFO Matthew Friend projected only a 1% revenue growth in the upcoming quarter, and a revenue drop in the first half of the next fiscal year.