The Globe and Mail reports in its Friday edition that Nike beat quarterly profit expectations and posted a smaller-than-expected drop in revenue on Thursday, as customers flocked to the embattled sportswear brand's stores and website to buy newly released versions of performance and running shoes. A Reuters dispatch to The Globe says that shares of Nike surged 11 per cent in extended trade, adding $12-billion to the company's stock market value (all figures U.S.). With rivals launching more comfortable, better cushioned shoes, Nike has been scrambling to regain dominance in the market, shelling out money to introduce new products like Air Max 95, and to promote staple franchises such as Jordans and Pegasus. The company's second-quarter net revenue fell 7.7 per cent to $12.35-billion. Analysts had expected a 9.41-per-cent fall to $12.13-billion. Nike reported earnings per share of 78 cents, compared with analyst estimates of 63 cents per share. Nike's Canadian-traded shares closed Thursday at $14.86 (Canadian), up four Canadian cents.