Shares of the world’s largest sportswear company, Nike Inc., soared nearly 8% on Friday after the company reported quarterly earnings and revenue that beat analysts' expectations.
The athletic apparel company reported an earnings of 52 cents per share compared to Wall Street’s expectation of 46 cents. In terms of revenue, the company reported a revenue of $9.37 billion against analyst expectations of $9.18 billion.
Despite concerns surrounding the impact of the controversial ad campaign and the ongoing U.S.-China trade war, the company reported strong numbers along with an upbeat outlook and an expectation of higher revenue growth than previously planned. China recorded Nike's most robust growth during the quarter, with sales climbing 26% to $1.54 billion.
According to the company, strong global sales and substantial improvement in the digital business is what helped it report such numbers. The digital segment recorded 41% growth on the back of double-digit growth of the Jordan brand, which includes both footwear and apparel, in North America. According to the company, fresh designs and strategic collaborations are what helped its sales grow during the quarter.