Nike, Inc. (NYSE:NKE) shares are trading sharply lower Wednesday after the company beat third-quarter expectations but issued a weaker-than-expected outlook.
The athletic apparel giant topped Wall Street estimates, but flat revenue growth, segment-level pressure, and a softer fourth-quarter forecast weighed on sentiment. Nike expects fourth-quarter sales of $10.656 billion to $10.878 billion, well below the $11.236 billion consensus estimate.
Earnings Beat, Growth Stalls
Nike reported third-quarter revenue of $11.28 billion, slightly ahead of expectations, while adjusted earnings came in at 35 cents per share, also beating estimates.
However, revenue was essentially flat year over year, highlighting uneven momentum across the business. Nike Brand sales posted modest gains, but direct-to-consumer revenue declined, dragged down by weaker digital performance.
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