Updates
** Sportswear giant Nike's NKE.N shares reverse course, last down ~4% at $68.75 in extended trading
** Co expects fourth-quarter revenue to be down in mid-teens percentage range vs analysts' estimates of a 12.22% fall to $11.07 billion, as per data compiled by LSEG
** NKE also expects Q4 gross margins to be down about 400 to 500 basis points
** However, co posts smaller-than-expected drop in quarterly revenue owing to benefits from a holiday season and an uptick in demand
** NKE's Q3 revenue fell 9% to $11.27 billion, vs analysts' estimates of a 11.5% drop to $11.01 billion
** Logs quarterly profit of 54 cents per share vs analysts' estimates of 29 cents per share
** NKE fell about 30% in 2024
(Reporting by Anuja Bharat Mistry in Bengaluru)
((AnujaBharat.Mistry@thomsonreuters.com))
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