Nike has reported a significant turnaround in its quarterly revenue, beating Wall Street estimates, attributed to deep discounts on its athletic apparel and sneakers during the holiday season and better than expected North America growth. This marks a notable shift for the company, which was projected to post its first quarterly revenue decline in nearly two years, with a particular focus on slowing US demand and a pivot towards a direct-to-consumer model. Despite concerns over Nike losing market share and relevance due to its heavy reliance on iconic basketball shoes, the company's recent performance indicates progress in its multiyear cost-cutting plan aimed at reigniting growth amid weaker demand for its products. Additionally, Nike's stock has seen an uptick following the announcement of the quarterly results, signaling investor confidence in the company's strategic direction.