LONDON (ShareCast) - (ShareCast News) - Sportswear company Nike released its quarterly earnings on Tuesday after the close on Wall Street, posting better-than-expected sales and earnings ahead of Christmas.
Its stock was sent 5% higher in after-hours trading following the strong results, but the rise was reversed when Nike said future orders were expected to grow less than previously thought.

Earnings per share came in at 50 cents, higher than the 43 cents per share predicted by analyst in the lead up to the earnings call. Nike also beat on its top line with sales for the quarter reported as $8.2bn, higher than estimations from commentators, which was generally just over $8bn.

Nike was still trading 2.3% higher in pre-market trade on Wednesday after the earnings beat, despite the future orders slowdown.

Orders for the next six months grew just 2%, including a contraction of 4% in North America, but the company played down the focus on that metric.

"The key takeaway is that our revenue guidance reflects a much more comprehensive outlook for our business," Andy Campion, Nike's chief financial officer said in a statement.

"Nike's ability to attack the opportunities that consistently drive growth over the near and long term is what sets us apart," added CEO Mark Parker.

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