Under Armour plans to cut about 2 percent of its global workforce as it restructures its business in the face of slumping sales.
On Tuesday, the sports apparel company reported a narrower-than-expected second-quarter loss, but shares fell as the company trimmed its sales forecast for the year.
Here's what the company reported vs. what Wall Street was expecting:
Earnings per share: a loss of 3 cents, adjusted, vs. an expected loss of 6 cents, according to Thomson Reuters
Revenue: $1.088 billion vs. a forecast for $1.077 billion, analysts said
One year ago, Under Armour reported a loss of 12 cents per share on revenue of $1.001 billion.
Under Armour's stock tumbled more than 8 percent on the news, reaching a new intraday low of $18.20.
Under Armour said it now expects adjusted earnings for the full year to fall within 37 cents and 40 cents per share, excluding any impacts from restructuring. Analysts had been forecasting Under Armour to earn 42 cents a share in 2017, according to Thomson Reuters estimates.