Despite exceeding Street expectations, American sporting goods company Nike on Tuesday reported a decline in third-quarter profit.
The company reported earnings of $1.24 billion, or $0.79 per share.
In the third quarter of 2022, this was $1.40 billion, or $0.87 per share.
According to data gathered by Thomson Reuters, analysts had projected that the company would make $0.55 per share on average. Estimates from analysts typically don’t include unique items.
Nike’s revenue for the quarter rose 14% to $12.39 billion, up from $10.87 billion in 2022.
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