April 15, 2024

Nike has market capitalization of more than $152 billion.

Nike has market capitalization of more than $152 billion.
Image: LightRocket (Getty Images)

Retail therapy may be real if Nike has anything to say about it.

Nike’s stock popped by more than 2% during afternoon trading hours after it reported its third quarter earnings.

The athletic apparel maker ran past Wall Street’s expectations. The company generated revenue during the period $12.43 billion, or $0.98 cents per share after adjusting for costs. Analysts had predicted it would generate $12.28 billion, or $0.75 cents per share.

The rise in revenue was primarily driven by its North America and China markets.

Nike Chief Executive John Donahoe said in a statement that the company is “making the necessary adjustments to drive Nike’s next chapter of growth,” as it plans to innovate, sharpen its brand image and work with partners.

Beaverton, Oregon-based Nike reported earnings of $1.17 billion during the period which ended Feb. 29.

This is a developing story check back for updates.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *