Shoppers, some wearing PPE (personal protective equipment), of a face mask or covering as a precautionary measure against COVID-19, queue to enter a recently re-opened Nike store at Gunwharf Keys shopping centre in Portsmouth, southern England on June 16, 2020.
Adrian Dennis | AFP | Getty Images
Nike‘s quarterly earnings and revenue trounced analysts’ estimates, the company reported Tuesday, as its online sales soared 82%, with kids stocking up on sneakers for the back-to-school season, and business picking back up overseas.
Its stock jumped about 8% in after-hours trading.
Here’s how the company did compared with what analysts were expecting:
- Earnings per share: 95 cents vs. 47 cents, expected
- Revenue: $10.59 billion vs. $9.15 billion, expected
The company at the end of June reported an unexpected loss, as its revenue tumbled 38% year-over-year with a number of its stores temporarily shut.
Nike shares as of Tuesday’s market close are up about 15% year-to-date. The company has a market cap of $182.5 billion.
This story is developing. Please check back for updates.