Nike’s third quarter profit falls

United States sporting goods company, Nike, on Tuesday declared a fall in its third quarter profit though it beat Street estimates. According to the company, earnings came in at $1.24 billion, or $0.79 per share. This compares with $1.40 billion, or $0.87 per share in third quarter of 2022. Analysts on average had expected the company to earn $0.55 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items. Nike’s revenue for the quarter rose 14% to $12.39 billion, up from $10.87 billion in 2022.