New Delhi, March 21 -- Nike Inc. shares tumbled on Friday, sending the sportswear company's market value below $100 billion for the first time since the depths of the Covid-19 pandemic after its earnings report signaled that revenue and profitability will remain under pressure.

Its shares slid as much as 9.3% to hit the lowest level since March 2020. Friday's drop erased roughly $9 billion in value, giving the company a market capitalization of $97 billion. Nike's shares have now declined in the session after earnings for six straight quarters. The stock is down more than 60% from a record high in November 2021, when the company's market value stood around $281 billion.

Nike predicted further declines in revenue and profitability in the...