Nike exceeded Wall Street analysts' expectations for its third-quarter revenue, thanks to the release of its latest sneaker styles aimed at attracting customers amid growing competition from brands like On and Hoka by Decker.

The world’s largest athletic goods manufacturer, whose stock had fallen 7.2% in 2023, saw nearly a 1% gain in post-market electronic trading.

In North America, Nike's largest market, the company reported a 3% jump, largely due to significant discounts on Jordan shoes to attract customers.

Nike's wholesale business, which had suffered in recent quarters due to reduced orders from retailers, rebounded with a 3% rise in the third quarter.

The company’s net income decreased to $1.17 billion, or 77 cents per share, from $1.24 billion, or 79 cents per share, a year earlier. Nike reported a 6% increase in general operating expenses to $3.2 billion, primarily due to restructuring fees.

In February, Nike announced it would cut approximately 2% of its total workforce, over 1,600 jobs, as the sports giant aims to reduce costs amid weak demand for athletic shoes.

In December, the company unveiled a $2 billion cost-saving plan to be implemented over the next three years, which included reducing the supply of low-performing products and improving its supply chain.

The world's largest athletic goods manufacturer reported a revenue increase to $12.43 billion for the third quarter, up from $12.39 billion a year earlier. Analysts had expected $12.28 billion, according to LSEG data.