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Why Nike Stock Raced Out of the Gate Today

TheMotleyFool

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Sneakers and sportswear maker Nike (NYSE: NKE) outran earnings expectations in its fiscal Q2 2023 report last night, and Nike stock is off to the races Wednesday morning. Instead of the $0.65 per-share profit and $12.6 billion revenue that analysts had forecast, Nike said it earned $0.85 per share, and its quarterly revenue topped $13.3 billion.

Nike's stock is rushing ahead 13.7% as of 10:10 a.m. ET.

Q2 sales surged 17% year over year for Nike, and if it weren't for the company's contending with unfavorable exchange rates on its sales, growth would have been even higher -- 27%.

Source Fool.com

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