Nike reported its Q3 FY24 earnings, surpassing Wall Street expectations with an EPS of $0.77 against the forecasted $0.75 and revenue of $12.4 billion, exceeding the anticipated $12.3 billion and estimates of $12.31B. This performance marks a notable achievement as it reflects a slight year-over-year increase in revenue. The company's net income stood at $1.172 billion, with a pretax profit of $1.404 billion, despite expectations of $1.130 billion and $1.410 billion, respectively. Adjusted EPS was reported at $0.98, significantly higher than the estimated $0.74. Nike's successful quarter was attributed to strategic pricing actions, lower ocean freight and logistics costs, and a 13% decrease in inventories year-over-year, leading to a gross margin increase to 44.8%. Direct sales remained steady year-over-year at $5.4 billion, with restructuring charges around $0.3 billion. Following the announcement, Nike's stock rose, indicating positive market reception to its earnings beat and the progress in its multiyear cost-cutting plan aimed at reigniting growth, with a stock increase of +2.5% AH.