Adidas dominated the World Cup as the sponsor of the final two teams, Spain and Argentina, the match-day ball, and even the referees. The quadrennial event pushed revenue to a quarterly record of €6.7 billion ($7.7 billion based on current exchange rates), and the German sports giant raised its year-end revenue forecast.

“Being the CEO of Adidas is a privilege,” Adidas boss Bjørn Gulden said when announcing the company’s second-quarter results on Thursday. “Being the CEO of Adidas during a World Cup is even better.”

Yet the market severely punished Adidas’ stock, sending shares down 19% mid-day in Germany, which would mark the biggest one-day fall since it went public in 1995. The problem was on the expense side, which came in more than $200 million ahead of expectations. Marketing expenses rose $243 million, with campaigns tied to the FIFA event, resulting in operating income of €574 million ($660 million), versus expectations of $770 million.

“Strong Q2 growth momentum underpinned an impressive gross profit beat,” wrote Jefferies analyst James Grzinic in a post-earnings research note. “Unhelpfully for the shares today, this was more than paired back by a remarkable hike in [operating expenses].”

Adidas’ revenue rose 13% for the quarter—it was 14% currency neutral. Annual revenue is expected to grow between 9% and 10%, up from prior guidance of high-single digits.

The performance business surged 39%, fueled by strong growth in soccer, running and training footwear. Gulden said it compensated for a “weaker and more difficult lifestyle footwear market.” Lifestyle faced pressure from heavy discounting at many retailers, especially in Europe. Overall footwear revenue of €3.5 billion ($4.2 billion) was flat.

Apparel revenue surged 34% to €2.7 billion ($3.1 billion). The company said double-digit growth in soccer and Original apparel was complemented by “strong increases” in running training, motorsport and U.S. sports.

Europe is the largest region for Adidas sales, accounting for nearly one-third of the company’s business. It also had the slowest growth of any geography at a 6% increase during the quarter. Latin America was the top performer, up 35%, followed by Greater China (19%) and North America (14%).

Adidas shares have rallied since their April lows but are now down 12% for the year after Thursday’s fall.