Nike share price rockets after profits beat forecast

<p>Nike stocks were up after better than expected profits.</p>

Nike has revealed a set of financial results that outstripped the expectations of analysts, resulting in a major boost to its share price.

Stocks in the sportswear company rose by eight per cent on Wall Street on the back of the news its profits were higher in the third quarter than had been forecast by experts.

"The US business continues to be just phenomenal," said Morningstar analyst Paul Swinand after Nike posted third-quarter net income of $662 million (£436 million).

Nike chief executive Mark Parker stated in a conference call that China is one of the main markets where the firm has been seeing strong growth in recent months.

However, he stressed the fact that "we still have more to do before we can capture its long-term growth potential".

Nike's share price now stands at 53.60, with investors poised over whether to buy or sell shares in the sportswear company ahead of the weekend.

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