RTTNews | Sep 24, 2021 07:51AM EDT

07:51 Friday, September 24, 2021 (RTTNews.com) - Shares of Nike, Inc. (NKE) are down more than 5% in the pre-market trade on Friday after the company lowered its full-year outlook citing supply chain disruptions.

Nike currently sees 2022 revenue to increase in the mid single digits compared with prior guidance of low double-digit growth due to labor shortages, elevated transit times, and longer-than-expected factory closures in Vietnam.

In the second-quarter, the company expects revenue growth to be flat to low-single digits down versus last year.

When the company reported its first quarter results on Thursday after the bell, it registered a net income of $1.874 billion or $1.16 per share in the first quarter, higher than $1.518 billion or $0.95 per share in the same quarter a year ago. Analysts polled by Thomson Reuters expected the company to report earnings of $1.11 per share for the quarter.

Revenue for the quarter increased 16% year-over-year to $12.248 billion, but missed the Street view.

NKE closed Thursday's trade at $159.58, up 1.36%. The stock is currently at $151.09

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