Nike beats Street 2Q forecasts

Markets Associated Press

FILE - In this Thursday, Aug. 25, 2016, file photo, Nike products appear on display at the SIX:02 shop inside Foot Locker's redesigned Manhattan flagship store in New York. Nike, Inc. reports earnings Tuesday, Dec. 20, 2016. (AP Photo/Mary Altaffer, ... File) (The Associated Press)

Nike Inc. (NKE) on Tuesday reported fiscal second-quarter earnings of $842 million.

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On a per-share basis, the Beaverton, Oregon-based company said it had profit of 50 cents.

The results surpassed Wall Street expectations. The average estimate of 16 analysts surveyed by Zacks Investment Research was for earnings of 43 cents per share.

The athletic apparel maker posted revenue of $8.18 billion in the period, also exceeding Street forecasts. Eleven analysts surveyed by Zacks expected $8.08 billion.

Nike shares have declined 17 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 11 percent. In the final minutes of trading on Tuesday, shares hit $51.79, a decrease of 20 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NKE at https://www.zacks.com/ap/NKE

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Keywords: Nike, Earnings Report