Nike beats on earnings, revenue despite market downturn
The athletic apparel maker posted revenue of $10.1 billion in the period, which also beat Street forecasts.
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BEAVERTON, Ore. (AP) _ Nike Inc. (NKE) on Tuesday reported fiscal third-quarter profit of $847 million.
The Beaverton, Oregon-based company said it had net income of 53 cents per share. Earnings, adjusted for non-recurring costs, were 78 cents per share.
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The results exceeded Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 54 cents per share.
The athletic apparel maker posted revenue of $10.1 billion in the period, which also beat Street forecasts. Ten analysts surveyed by Zacks expected $9.87 billion.
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Nike shares have fallen 29% since the beginning of the year, while the Standard & Poor's 500 index has fallen 24%. In the final minutes of trading on Tuesday, shares hit $72.16, a fall of 12% in the last 12 months.