Nike Shares Rise After Strong Q3 Earnings Beat Expectations

Nike reported fiscal third quarter earnings that exceeded modest expectations under new CEO Elliott Hill, with revenue of $11.27 billion surpassing estimates of $11.03 billion, though still down from $12.43 billion a year prior. Adjusted earnings per share were $0.54, significantly higher than the expected $0.30 but under last year's $0.98. Hill, who took the helm in October, is focusing on revitalizing the brand by emphasizing core sports offerings and improving relationships with retail partners amidst a challenging market environment. Despite headwinds from increased competition and consumer spending concerns, analysts express optimism about Hill's leadership, noting the potential for the brand to regain its footing in the market. The company also made strategic shifts including reallocating marketing funds and announcing new product lines, which may help in its recovery efforts. Shares rose in after-hours trading as investors reacted positively to the earnings report and Hill's strategic direction.