NEW YORK — Nike reported a loss in its third quarter due to a $2 billion tax expense related to recent changes in the U.S. tax law. But its results beat expectations and its shares jumped in after-hours trading.
The company also said Thursday that it saw higher demand for its swoosh-branded sneakers and apparel in China. Demand was also strong in other parts of Asia, as well as Europe, Africa and the Middle East.
Altogether, revenue rose nearly 7 percent to $8.98 billion, topping Wall Street expectations of $8.83 billion, according to Zacks Investment Research .
Nike reported a third-quarter loss of $921 million, or 57 cents per share. Most of that loss was due to the tax expense, the Beaverton, Ore.-based company said.
