Nike Inc reported a first-quarter net profit on Tuesday that beat Wall Street estimates as the company cut costs to counter fewer orders and revenue declines in most of its key geographic regions.

Shares rose 3 percent.

The world's largest athletic shoes and apparel maker said net profit was $513.0 million, or $1.04 per share, compared with $510.5 million, or $1.03 per share, a year earlier.

Analysts, on average, had been expecting earnings of 97 cents per share, according to Reuters Estimates.

Revenue fell 12 percent to $4.8 billion from $5.4 billion a year earlier, when orders in advance of the Beijing Olympics boosted sales.

Nike, based in Beaverton, Oregon, has countered declines in consumer spending by cutting costs and jobs, streamlining operations and reducing marketing.

The first half of the year is expected to be the most challenging for Nike, weighed down by currency fluctuations and the lack of major sporting events.

Shares rose to $62.54 after hours after closing at $60.09 on the New York Stock Exchange.

(Reporting by Alexandria Sage)

NIKE Inc