Nike earnings (NYSE:NKE) were released late in the day on Thursday and the company’s profit and revenue were stronger than what Wall Street was calling for in its consensus estimate, sending NKE stock soaring more than 7% after the bell.
The athletic apparel maker said that for its second quarter of its fiscal 2019, it brought in earnings of 52 cents per share, which is six cents ahead of what analysts were calling for, per Refinitiv. The company’s net income came in at $847 million, or 52 cents per share, which is a 10% gain from its $767 million, or 46 cents per share from the year-ago quarter.
Nike’s revenue was stronger than what Wall Street projected as well at $9.37 billion, compared to the $9.18 billion that the Wall Street consensus estimate forecasted, also according to data compiled by Refinitiv. The figure was also 10% higher than it was during the company’s second quarter of its fiscal 2018.
“Nike’s ambitious digital transformation is driving strong results and momentum in North America and in our international geographies,” CEO Mark Parker said in a statement. “We’re incredibly energized about 2019 – with a full innovation pipeline; the most personal, responsive retail experiences in the industry; and a supply chain that’s delivering speed at scale.”
NKE stock is surging about 7.6% after the bell following the company’s strong quarterly earnings showing. The company’s shares were down about 2.1% during regular trading hours.
