Why Nike Stock Is Running After Hours

Nike Inc 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.

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