Nike's quarterly sales missed estimates due to shipping issues and a pandemic-related slump at brick-and-mortar stores.
Investors were also disappointed by the world's biggest athletic shoe maker's full-year revenue forecast.
Nike forecast "low-to-mid-teens" full-year revenue growth, falling just short of the 15.9% increase in sales that analysts were expecting, according to IBES data from Refinitiv.
Nike said its revenue rose to $10.36 billion from $10.1 billion, while analysts on average had expected $11.02 billion.
The company said revenue from North America fell 11% on a currency-neutral basis because container shortages and US port congestion held up inventory by more than three weeks.
"We expect to capture this delayed revenue in the fourth quarter," Nike's chief financial officer Matthew Friend said.
US container-freight traffic has slowed significantly in recent months due to Covid-19 outbreaks among dockworkers and safety restrictions aimed at stemming the spread of the virus.
At the same time, ports are dealing with a cargo surge due to pandemic-led demand for bulk products.
Nike's net income nonetheless climbed to $1.45 billion, or 90 cents per share, in the third quarter ended February 28, from $847m, or 53 cents per share, a year earlier.
Analysts were expecting earnings per share of 76 cents.
In Europe, the Middle East and the Africa region, 45% of Nike-owned stores were closed for the last two months of the quarter. Currently, 65% of stores in EMEA are open or operating on reduced hours, Nike said.
Rival Adidas said last week that it had reopened 95% of its stores after coronavirus lockdowns.