The Afterhours: Nike stock pops on earnings beat; Meta AI trained on public posts
Published: 18:36 28 Sep 2023 EDT
Nike Inc (NYSE:NKE) shares climbed nearly 8% in extended trading Thursday after the shoe and apparel retailer topped earnings expectations with its fiscal third-quarter results.
For the quarter ended August 31, adjusted earnings came in at $0.94 per share, compared to $0.93 a year earlier and above expectations of $0.75 per share. Revenue was $12.94 billion, up 2% year-over-year but short of the $12.98 billion Street consensus.
Meanwhile, Meta Platforms Inc (NASDAQ:FB) utilized public user Facebook and Instagram posts to train the new Meta AI virtual assistant unveiled at its Connect developer conference this week, according to reporting from Reuters.
Meta's president of Global Affairs, Nick Clegg, insisted the company did not train its AI on content set to private and said the company worked to omit private details from the datasets it did use.
Elsewhere, Hawaiian Electric CEO Shelee Kimura told the U.S. House Energy and Commerce Committee on Thursday that the company did not de-energize its power lines while anticipating high winds ahead of the deadly Maui wildfires because the pre-emptive shutdown of power lines is not part of its protocols.
Kimura, along with representatives from the Hawaii Public Utilities Commission and the Hawaii State Energy Office, were questioned by Committee members about the events leading up to fires and how they could have been prevented.
