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Nike Inc (NYSE:NKE) shares are trading higher in Tuesday's after-hours session after the company reported better-than-expected quarterly results.
What Happened: Nike said fiscal third-quarter revenue increased 14% year-over-year to $12.4 billion, which beat average analyst estimates of $11.47 billion, according to Benzinga Pro. Nike Direct sales were up 17% year-over-year, while digital sales increased 20% and wholesale grew 12%.
Nike saw some weakness in China, with Nike Brand revenues down 8% year-over-year.
The company reported quarterly earnings of $0.79 per share, which beat consensus estimates of 55 cents per share.
See Also: Trading Strategies For Nike Stock After Q3 Earnings
"Fueled by compelling product innovation, deep relationships with consumers and a digital advantage that fuels brand momentum, our proven playbook allows us to navigate volatility as we create value and drive long-term growth," said John Donahoe, president and CEO of Nike.
Nike closed the quarter with $10.8 billion in cash, equivalents, and short-term investments and $8.9 billion in inventories. The company also noted that it repurchased $1.5 billion worth of its stock during the quarter.
Nike will hold a conference call to discuss these results at 5 p.m. ET.
NKE Price Action: Nike has a 52-week high of $139.86 and a 52-week low of $82.24.
The stock was up 3.72% after hours at $129.85 at the time of writing, according to Benzinga Pro.
Photo: grailify from Pixabay.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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