Under Armour to cut 3 percent of workforce

Under Armour said Thursday it plans to cut about 3 percent of its global workforce by March as part of a restructuring plan.

The athletic apparel company said it now expects to earn between 16 cents and 19 cents per share on an adjusted basis in fiscal 2018. Previously, it estimated it would earn in between 14 cents and 19 cents per share after adjustments.

Under Armour shares were trading up more than 2 percent before the market's open on the news.

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