A senior Facebook executive says the social media site is in favor of regulation to address some of the dark problems of the internet.
Nick Clegg, the former leader of the U.K. Liberal Democrat party who now heads global affairs for Facebook, says it is not "for private companies" to decide how to balance free speech versus public harm.
Clegg told the BBC on Monday that companies like Facebook are not "shunning" government intervention but advocating a "sensible way" forward in addressing issues such as cyberbullying or fake news.
Lawmakers have been pushing tech companies to take down offensive content more quickly and to do more in general to halt internet harm. But Clegg says it is up to "democratic politicians in the democratic world" to set the rules.
Nike’s quarterly sales and profits slump as it faces shoppers’ sluggish demand for its products
Nike sales and profits slumped in its fiscal first quarter as the sportswear giant wrestles with shoppers' sluggish demand for new sneaker models and other products.
The lackluster results Tuesday came after Nike announced last month that its CEO, John Donahoe, is stepping down on Oct. 13. Company veteran Elliott Hill is coming out of retirement to head up the company.
"A comeback at this scale takes time, but we see early wins โ from momentum in key sports to accelerating our pace of newness and innovation," said Matthew Friend, executive vice president and Nike's chief financial officer, in statement. "Our teams are energized as Elliott Hill returns to lead Nike's next stage of growth."
Friend told analysts Tuesday that, given its CEO transition and with three quarters left in the fiscal year, Nike has withdrawn its full-year financial-performance guidance and intends to provide a quarterly outlook for the balance of the fiscal year. It also postponed its investor meeting that had been scheduled for Nov. 19.
Nike has been known for its innovation but in recent years, analysts have said that it has lost its focus on coming up with cool products.
Neil Saunders, managing director at GlobalData Retail, said that some of the sales decline was due to a weaker consumer economy that has shoppers buying fewer sneakers and not splurging on clothing as they once did.
"Nike has done itself no favors with a lack of focus and oomph in a market where far more effort and exertion is needed to hold onto sales," he said. "There is a general sense that Nike has lost its edge and that the power of its innovation and the quality of its storytelling have both been faded."
Saunders noted that at the same time, smaller rival brands... Read More