Nike shares soar after earnings
Nike shares jumped 7.9% after hours. Nike reported earnings after stiff competition - from the likes of Adidas and running-shoe maker On Holding - and weaker demand for sneakers and clothing kept prices lower, after last year’s surge in inflation forced customers to cut back on spending as they covered more basic needs. The athletic-gear giant reported fiscal first-quarter net income of $1.45 billion, or 94 cents a share, compared with $1.47 billion, or 93 cents a share, in the same quarter last year. Revenue crept higher to $12.94 billion, compared with $12.69 billion in the prior-year quarter.