Tesla’s Record-Breaking Revenue

And, IBM to cut jobs despite growth.

Steven Lerner
Steven Lerner

Today is Thursday, January 26, 2023.

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Tesla’s Record-Breaking Revenue

Amid challenges, Tesla (Nasdaq: TSLA) reported positive financial results, and shares rose by 5.48% in after-hours trading on Wednesday.

Financials: Tesla reported earnings of $1.19 per share and revenue of $24.32 billion; both were better than expected. It was also the highest-ever quarterly revenue for the company.

Details: The company had an operating margin of 16.8% in the year, including 16% during the quarter.

Yes, But: After achieving record deliveries of 1.3 million in 2022, Tesla only expects to bump that total to a modest 1.8 million in 2023. That’s less than the company's target of 50% growth.

Also: Tesla admits that it is facing some macroeconomic uncertainties, including higher raw materials costs.

Stock Price: Shares of Tesla are down 53% in the last 12 months but are up 32% in the last 30 days.

Final Thoughts: Tesla is on the right track, although there are industry concerns about demand. The company is expected to provide an update about its long-awaited Cybertruck on its investor day on March 1.


Notable Earnings Today: Visa (NYSE: V), American Airlines (Nasdaq: AAL), Intel (Nasdaq: INTC), Southwest Airlines (NYSE: LUV), Nokia (NOK), KLA Corporation (Nasdaq: KLAC), Valero Energy (NYSE: VLO), L3Harris (NYSE: LHX), Mastercard (NYSE: MA), Knight-Swift Transportation Holdings (NYSE: KNX), Blackstone (NYSE: BX), Weyerhaeuser (NYSE: WY), Nucor (NYSE: NUE), Olin (NYSE: OLN), JetBlue Airways (Nasdaq: JBLU), Arthur J. Gallagher & Co. (NYSE: AJG), Northrop Grumman (NYSE: NOC), Eastman Chemical (NYSE: EMN), Alaska Air (NYSE: ALK), W. R. Berkley (NYSE: WRB), Archer-Daniels-Midland (NYSE: ADM), CNX Resources (NYSE: CNX), Comcast (Nasdaq: CMCSA), Dow (NYSE: DOW), Federated Hermes (NYSE: FHI), Marsh & McLennan Companies (NYSE: MMC), McCormick (NYSE: MKC), Oshkosh (NYSE: OSK), Rockwell Automation (NYSE: ROK), SAP (NYSE: SAP), The Sherwin-Williams Company (NYSE: SHW), STMicroelectronics (NYSE: STM), T. Rowe Price (Nasdaq-GS: TROW), Tractor Supply Company (Nasdaq: TSCO).

Notable IPOs Today: SYLA Technologies Co., Ltd. American Depositary Shares (Nasdaq: SYT), Bullfrog AI Holdings, Inc. Common Stock (Nasdaq: BFRG), LEAD REAL ESTATE CO., LTD (Nasdaq: LRE), GENELUX CORP (Nasdaq: GNLX), Horizon Space Acquisition I Corp. Ordinary Shares (Nasdaq: HSPO)

Notable Equity Crowdfunding Campaigns Ending Today: New Sapience (StartEngine).

Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), GDP (8:30 a.m. ET), Core Durable Goods Orders (8:30 a.m. ET), Goods Trade Balance (8:30 a.m. ET), New Home Sales (10:00 a.m. ET).

IBM To Cut Jobs Despite Growth

Photo by Carson Masterson / Unsplash

IBM (NYSE: IBM) reported mixed financial results, sending shares of the stock down by 1.97% in after-hours trading on Wednesday.

Financials: IBM reported earnings of $3.60 per share in the quarter, which was a slight miss. Revenue reached $16.7 billion, which was better than expected.

But: Despite a 12% increase in overall revenue (including an 11% increase in hybrid cloud revenue), IBM plans to cut 3,900 jobs, which is about 1.5% of its workforce.

Final Thoughts: IBM had a good year in 2022. It will be tough to keep that up in 2023.

Chevron’s $75 Billion Stock Buyback

Shares of Chevron (NYSE: CVX) jumped 2.91% in after-hours trading on Wednesday after the oil giant announced a $75 billion stock buyback and raised its dividend by 6%.

Final Thoughts: Chevron is up 34% in the last 12 months.

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Caving In: Meta to Reinstate Trump’s Facebook and Instagram Accounts (The New York Times)

Back in Business: Las Vegas Sands reports tourism rebound underway in Macao (Las Vegas Review-Journal)

Not Now: ServiceNow Profits Top Views, But Stock Falls On Revenue Numbers (Investor’s Business Daily)

Big Climb: What's Going On With the Price of Aptos? (Decrypt)

Disappointing: Consumer Staples Wipeout Continues With Kimberly-Clark (The Wall Street Journal)

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