Nike on Thursday forecast a steeper drop in fourth-quarter revenue than currently expected, with the leading shoe and sports apparel company striking a cautious tone as it works to rekindle interest among consumers who have defected to trendier rivals.

Nike shares fell over 4% in premarket trading.

Chief Financial Officer Matthew Friend said he expects fourth-quarter revenue to decline in the mid-teens percentage range. That would be steeper than analyst expectations of a 12.22% decline to $11.07 billion, according to data compiled by LSEG.

Earlier, Nike reported third-quarter results that beat expectations on a promising consumer response to new shoe launches like the Pegasus Pro and Vomero 18.

FedEx Corp lowered its full-year profit and revenue forecasts on Thursday, as the parcel delivery firm battles stubbornly soft demand and uncertainty in the U.S. industrial economy as President Donald Trump imposes tariffs on trading partners.

FedEx shares were down 6% in premarket trading.

"Our revised earnings outlook reflects continued weakness and uncertainty in the U.S. industrial economy, which is constraining demand for our business-to-business services," Chief Financial Officer John Dietrich said in a statement.

Micron Technology forecast third-quarter revenue and posted second-quarter revenue above Wall Street estimates on Thursday, signaling strong demand for its high-bandwidth memory (HBM) chips used by the AI industry.

The company's shares rose 0.5% in premarket trading.