Nike Misses Wall Street Estimates with Q3 Earnings Report

Nike's (NYSE:NKE) third-quarter earnings fell short of Wall Street's expectations, with revenue dropping 4.3% year-over-year to $11.21 billion.

The athletic apparel brand reported a GAAP profit of $0.48 per share, which was 9.9% above analysts' consensus estimates.

Nike's operating margin remained relatively stable at 8.1%, in line with the same quarter last year.

However, the company's revenue growth has been sluggish, declining by 4.2% annually over the last two years.

The firm also reported a decline in constant currency sales, averaging 4.8% year-over-year decreases over the past two years.