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March 20, 2014 AT 12:14 PM
Just as the NCAA basketball tournament kicks off, Nike got the chance to prove it still deserves a top seed among sportswear companies and it did so with style. On Thursday after the market closed, Nike released its third quarter earnings, beating Wall Street estimates. Nike logged earnings per share of $0.76 vs. $0.72 estimated and revenues of $6.97 billion vs. $6.68 billion estimated. After dropping in opening trading this morning, Nike stock ended the day nearly flat at $79.27. Shares nudged up about 2% in after hours trading.