Nike plummets on weak annual revenue forecast, sales miss

** Sportswear giant Nike's NKE.N shares fall ~6% to a near 13-year low of $32.97

** Projects a steep drop in full-year revenue and misses Q1 sales estimates on tepid demand in China

** Unveils plans to cut jobs, with no details on the number of roles that will be reduced

** "Things are going to get worse before they get better," said analysts at RBC Capital Markets in a note

** Nike expects fiscal 2027 revenue to decline in the high-single digits vs Street expectations of 2% decline - data compiled by LSEG

** Expects restructuring plan to deliver ~$2.5 bln in savings through fiscal 2031, with job cuts to begin in 2027

** At least five brokerages cut PTs following the results

** 12 of 44 brokerages rate the stock "buy" or higher, 26 "hold" and 6 "sell"; median PT $43 - data compiled by LSEG

** As of last close, NKE stock down nearly 45% YTD