Nike shares dropped about 6% in premarket trading on Wednesday after the company withdrew its annual revenue target, keeping investors guessing on the timeline for a turnaround at the sportswear giant under incoming CEO Elliott Hill.

Nike reported a drop in profits Tuesday on sagging revenues as the sports giant cautioned that a turnaround from a rocky period would take time under a new CEO. The athletics company's financials showed lower sales in every operating region,

Nike withdrew its annual revenue forecast on Tuesday, just as a new CEO is set to take the helm at the sportswear giant that is staring at a holiday season likely to be filled with discounts and weak traffic on its website and mobile apps.