Nike's  (NKE - Get Report) investor relation's page prominently highlights that Nike is a growth company, but despite a earnings beat on both earnings and revenue, investors may believe that is no longer be the case. Nike's stock fell off a cliff after hours, plummeting over 4% immediately after results were released.

Revenues for the world's biggest athletic apparel company came in at $9.06 billion a 7.7% year-over-year growth rate, easing concerns of an athleisure slowdown. The revenue beat totaled $190 million. Earnings beat by a whopping 17 cents per share, but it likely wasn't enough for investors.

Nike cited "strong revenue growth, operating overhead leverage, a lower effective tax rate and a lower average share count partially offset by a gross margin decline and higher demand creation expense in an Olympic quarter" as contributing to the earnings beat. If Nike were a country, it would have stood atop the medal leaderboard at the Rio Olympics last month.

Growing concerns of a consumer preference style shift to casual athletic styles championed by fast growing Adidas, had CEO Parker subtly addressed this on the earnings call, stating that its Lunar Epic Low model , "is selling extremely well to a style audience." Adidas stock is up nearly 85% this year.

Mark Parker also highlighted Nike's transformation to 3D printed shoes, known as ManRev, as the future of the business, to create personalized products that optimize athletic performance. Nike Runner Allyson Felix wore 3D Printed shoes in the Rio Olympics, that were said to shave 0.1 seconds off a runners time, enough to go from 4th place to 1st.

Nike.com business performed quite well in the first quarter, growing 49%, and global futures were up 7%.

Key Geographies (Total Revenues on a currency neutral basis)

North America: +6%

Western Europe: +10

Central & Eastern Europe: +10%

Greater China: +21%

Japan: +18%

Emerging Markets: +11%

Total Nike Brand Figures

Footwear: +10%

Apparel: +12%

Equipment: +6%

Before Earnings, Nike was the worst performing stock in the Dow this year, slightly edging Disney. The negative investor reaction to first-quarter earnings despite solid growth across nearly every category, further cements Nike as the worst performing Dow component. Nike continues to see increased competition from s Under Armour (UA - Get Report) and Adidas nipping at its heels.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.