The massive effects of COVID-19, along with the lockdown that followed to curb the spread of the disease, hit businesses hard. Now, Nike has revealed how the coronavirus has affected their business, saying they recently saw a loss of $790 million in net profit.

Nike revealed the news via a company email, and the $790 million loss is related to its fourth-quarter earnings. Although they were hit with that loss, the company had a 75% increase in online sales and made $6.3 billion in revenue. Along with that, Nike revealed they were cutting jobs in order to restructure, and made it clear the cuts had nothing to do with coronavirus.