Nike posts loss due to tax law, but beats expectations

NEW YORK -- Nike reported its first quarterly loss in 20 years, due to a $2 billion tax expense related to recent changes in US tax law. But the sneaker company's third-quarter results easily beat expectations and its shares jumped in after-hours trading.

It also addressed recently announced departures by high-level executives. CEO Mark Parker acknowledged that there were problems with the company's culture, but didn't provide any details.

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