Adidas expects to lose $1.3 billion in revenue due to ending its partnership with the rapper formerly known as Kanye West.

The company cut ties with Ye in 2022 after the rapper made numerous antisemitic remarks.

It's still unclear what the German apparel company will do with the existing Yeezy products. However, it says if they are not repurposed Adidas' operating profits could be lowered by an additional $500 million this year.

“The numbers speak for themselves. We are currently not performing the way we should”, said Adidas CEO Bjørn Gulden. “2023 will be a year of transition to set the base to again be a growing and profitable company."

Adidas had a moderately successful 2022. The company reports that revenues increased by 1% in currency-neutral terms.

"We need to put the pieces back together again, but I am convinced that over time we will make adidas shine again. But we need some time," Gulden said.

News of the drop in revenue sent Adidas stocks tumbling on Friday. It was down by more than 1% before the market closed.

LOS ANGELES —

Related video above: Kanye West living in stadium to complete album

Kanye just wants to be Ye.

Kanye West filed court documents Tuesday to legally change his name.

The Los Angeles Superior Court filing says the 44-year-old wants to get rid of his full name — Kanye Omari West — in favor of just his longtime two-letter nickname, Ye, with no middle name or last name.

The documents, dated Aug. 11 but not sent into the court system until Tuesday, cite "personal reasons" for the change. An email seeking comment from the attorney who filed the documents was not immediately returned.

A judge must approve of the change before it becomes official.

West, who has called himself Ye on his social media pages for years, tweeted that he wanted the change in 2018, saying, "the being formally known as Kanye West. I am YE."

The moniker was also the title of his 2018 album. He has said in interviews that, along with being a shortening of his first name he likes, that it's a word used throughout the Bible.

West is in the middle of a divorce with Kim Kardashian West, who did not ask that her last name be changed back to just Kardashian when she filed to split from him in February. The couple's four children also have his last name.

He has been holding a series of stadium listening parties for his forthcoming 10th studio album "Donda," which is scheduled to be released before the end of August.