A new Nike ad campaign billboard featuring NFL quarterback Colin Kaepernick can be seen in midtown Manhattan, in New York, New York, USA, 07 September 2018.Nike campaign featuring Colin Kaepernick ad in New York, USA - 07 Sep 2018

Nike Inc. missed Wall Street’s earnings forecasts, overshadowing its first $10 billion quarterly revenue figure and sending its share price down in after-hours trading.

The Beaverton, Ore.-based activewear giant’s fourth-quarter earnings came in at $989 million, or 62 cents a share, compared with $1.14 billion, or 69 cents a share, a year earlier. Analysts had on average been expecting 66 cents a share, according to IBES data from Refinitiv.

Higher costs surrounding marketing and product launches as well as a bigger tax bill weighed on the numbers, with selling and administrative expenses increasing 10 percent to $12.7 billion.

There was better news on the revenue front. For the quarter ended May 31, revenues increased to $10.2 billion, from $9.79 billion, surpassing forecasts for $10.16 billion and marking the first time Nike has clocked $10 billion in a single quarter.

Within that, revenues for the Nike brand, including Converse, were $9.7 billion, up 10 percent, driven by growth across Nike Direct and wholesale, key categories including sportswear, Jordan and basketball, and continued growth across footwear and apparel.

Revenues for Converse were flat at $491 million, mainly driven by double-digit growth in Asia and digital, which was offset with declines in the U.S. and Europe.

“Fiscal year 2019 was a pivotal year for Nike as we continue to bring our Consumer Direct Offense to life throughout the marketplace,” Mark Parker, the firm’s chairman, president and chief executive officer, said in a statement. “Our distinctive innovation and digital advantage led to accelerated growth across our complete portfolio, while our brand fueled deeper relationships with consumers around the globe.

Alongside 170 other shoe brands, Nike recently leant its name to a letter addressed to President Trump and other government officials, urging them to immediately drop plans to unleash 25 percent tariffs on footwear imported from China.

Nike’s share price dipped slightly to $83.50 in after-hours trading. At one point in the day, it was down as much as 4.9 percent.