Under Armour (UA) shares plummeted 5.10% in intraday trading on Thursday following the release of disappointing fiscal second-quarter results and a downward revision of its full-year revenue forecast. The sportswear giant's performance reflects ongoing challenges in regaining market share, particularly in North America.

The Baltimore-based company reported a fiscal second-quarter loss of $18.8 million, or 4 cents per share, compared to earnings of $170.4 million, or 39 cents per share, in the same period last year. On an adjusted basis, earnings per share came in at 4 cents, down significantly from 30 cents a year earlier but slightly above analysts' expectations of 2 cents. Revenue for the quarter fell 5% to $1.33 billion, narrowly beating the $1.31 billion forecast by analysts.

Adding to investor concerns, Under Armour lowered its fiscal 2026 outlook, projecting a revenue decline of 4% to 5%. The company now expects adjusted earnings per share of 3 to 5 cents for the full year, below the 5 cents analysts were anticipating. CEO Kevin Plank acknowledged the challenges, stating, "We delivered results ahead of our prior outlook this quarter and are encouraged to see signs of brand momentum in North America -- an important milestone in our turnaround." However, the projected high single-digit percentage declines in North America and Asia-Pacific markets suggest a rocky road ahead for the once-rising star in the sportswear industry.

In a separate announcement, Under Armour revealed a change in leadership, with Reza Taleghani set to join as the new Chief Financial Officer in February 2026. Taleghani, who previously served as CFO at Brightstar, a SoftBank portfolio company, will succeed David Bergman. While this transition might bring fresh perspectives to Under Armour's financial strategy, it also adds an element of uncertainty during a critical period for the company.