Shares of Nike $NKE jumped after it beat earnings estimates and cut the stock.

I noticed this week that quite a few people were waiting for this company's results. I personally follow it as well, I like its products and was still waiting though for a possible pullback. So let's get to the results.

The company surprised expectations and after closing the market on Thursday at around $89, it is up over 6% today. $NKE posted better earnings and gross margin and reduced its stock.

Revenue rose 2% to $12.9 billion, which was behind expectations - the first time in two years. Sales fell 2% in Nike's biggest market, North America. But sales in Europe, the Middle East and Africa rose 8%. They were also up 5% in China, and 3% in Asia Pacific and Latin America.

They also confirmed a 10% decline in inventory to $8.7 billion, "primarily driven by a decline in units, partially offset by product mix and higher product input costs." CFO Matthew Friend noted that Nike was "very comfortable" with the level of inventory in the market relative to retail sales.

The company is on a downtrend again after opening today, we'll see where the price stops. I personally will wait a bit longer, I had set a price alert around $85 that I was considering buying at. What's your view on $NKE? 😊