Nike's stock fell by 14% after disappointing earnings, with CEO Elliott Hill urging employees to cut excess spending and maintain focus on turning around the company. The company's CFO, Matthew Friend, warned employees to limit spending and discipline where money is allocated due to the company's business is not moving in the right direction. Despite beating Wall Street expectations in its latest quarter, Nike posted earnings of 35 cents per share and $11.28 billion in revenue, a 35% drop from the previous year's total. The footwear giant also warned that sales will drop 2% to 4% in the current quarter and decline for the rest of the calendar year, driven in part by an expected 20% decrease in China.