Why Nike Stock Soared Today
Shares of Nike (NYSE: NKE) were up 4.2% as of 3 p.m. EDT Wednesday after the athletic footwear and sportswear behemoth announced stronger-than-expected fiscal first-quarter 2020 results.
Quarterly revenue grew 7.2% year over year (or 10% at constant currencies) to $10.66 billion, translating to 25% growth in net income to $1.367 billion, and -- thanks to share repurchases over the past year -- a 28.4% increase in earnings per share to $0.86. For perspective, three months ago Nike told investors to expect revenue growth to be "in line to slightly above" the 4.1% it achieved last quarter, while most analysts were modeling lower earnings of $0.70 per share.
Nike CEO Mark Parker. Image source: Nike.
Source Fool.com
