(Updates with the latest stock price move and analyst comments.)

Nike (NKE) shares were down 5.6% in recent premarket activity Friday after a fiscal Q3 beat overnight failed to impress analysts.

The company reported fiscal Q3 earnings late Thursday of $0.54 per diluted share, compared with $0.77 a year earlier. Analysts polled by FactSet expected $0.28.

Revenue for the quarter ended Feb. 28 was $11.27 billion, compared with $12.43 billion a year earlier. Analysts polled by FactSet expected $11.02 billion.

"It looks like expectations were so low that Nike found them easy to beat," Sheraz Mian, director of research at Zacks Investment Research, said in a note late Thursday. "I don't think these results are a sign of strength in the Nike business -- they are simply better than many of us feared."

While fiscal Q3 results came in ahead of Wall Street, some benefits came from timing shifts, and the company is further accelerating turnaround measures that are pressuring near-term results, Truist Securities said in a note to clients.

As a result, Truist analysts said fiscal Q4 guidance calls for a revenue decline in the mid-teens and 400 to 500 basis points of gross margin pressure, including tariff impacts.