World’s largest sporting goods company, Nike Inc. (NYSE:NKE) reported fiscal 2023 financial results for its third quarter after the closing bell in the US on Tuesday.

Nike beat both revenue and earnings per share (EPS) estimates for the quarter ending February 28, 2023.

Revenue reported at $12.4 billion (up by 14% year-over-year) vs. $11.482 billion estimate.

EPS reported at $0.79 per share (down by 9% year-over-year) vs. $0.555 per share expected.

CEO commentary

“NIKE’s strong results in the third quarter offer continued proof of the success of our Consumer Direct Acceleration strategy,” said John Donahoe, CEO of the company said in a press release.

“Fueled by compelling product innovation, deep relationships with consumers and a digital advantage that fuels brand momentum, our proven playbook allows us to navigate volatility as we create value and drive long-term growth,” Donahoe concluded his statement to investors.

Stock reaction

The stock rose by 3.64% on Tuesday, trading at $125.50 a share.

Share price fell by around 2% in the after-hours.

Stock performance

• 1 month: +3.72%
• 3 months: +21.70%
• Year-to-date: +7.35%
• 1 year: -5.62%

Nike stock price targets

• Telsey Advisory Group: $138
• Redburn Partners: $100
• Barclays: $110
• Morgan Stanley: $140
• Oppenheimer: $150
• RBC Capital: $145
• Wells Fargo: $146
• JP Morgan: $156
• HSBC: $125

Nike is the 49^th largest company in the world with a market cap of $194.76 billion.

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Sources: Nike, TradingView, MarketWatch, MetaTrader 5, Benzinga, CompaniesMarketCap