Sneaker giant Nike, Inc. (NYSE: NKE) on Monday reported a decline in earnings for the third quarter of 2022, despite an increase in revenues. The results topped Wall Street’s expectations.
Third-quarter revenues rose 5% annually to $10.9 billion, reflecting the continued improvement in demand conditions, and surpassed experts’ prediction. The company reported a net income of $1.40 billion or $0.87 per share for the quarter, compared to $1.45 billion or $0.90 per share in the third quarter of 2021. Analysts were looking for a smaller number for the latest quarter.
The company’s stock entered 2022 on a low note and declined steadily since then. It closed Monday’s trading lower but made modest gains in the after-hours following the quarterly report.
(this story will be updated shortly)