🚀 Tesla Earnings

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Tesla's second-quarter earnings fell short, with automotive sales dropping for the second consecutive period, causing a nearly 10% dip in after-hours trading. Despite a 2% rise in overall revenue to $25.03 billion, automotive revenue decreased by 7% to $19.9 billion, even with record regulatory credit revenues of $890 million. CEO Elon Musk postponed the Robotaxi unveiling event to October 10 and claimed no regulatory barriers for Tesla's self-driving tech. Net income plummeted 45% to $1.48 billion, reflecting a tough year, but Tesla retains its top EV seller status in the U.S. while losing market share to competitors.

2. Alphabet, Google's parent company, reported second-quarter results meeting expectations for revenue and earnings but missed on YouTube ad revenue. Overall revenue grew 14% year-over-year, driven by search and cloud, with cloud reaching $10 billion in quarterly revenue and $1 billion in profit for the first time. Ad revenue rose to $64.62 billion from $58.14 billion, showing growth despite slower expansion due to rising inflation and interest rates. YouTube ad revenue increased to $8.66 billion from $7.66 billion but fell short of estimates due to competition from platforms like TikTok. Net income climbed to $23.6 billion, or $1.89 per share, up from $18.4 billion, or $1.44 per share, last year. The "Other Bets" unit, including Waymo, earned $365 million, up from $285 million, with CFO Ruth Porat announcing a $5 billion investment in Waymo.

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4. Headlines

   1. The US Department of Transportation is investigating Delta Air Lines following an IT outage (related to CrowdStrike issues) that led to thousands of cancelled flights.

   2. This past Sunday and Monday both set the record for the hottest day in recorded history (since 1940) on Earth. The record previously set on August 13th, 2016, was broken on July 3, 2023, and has since been broken another 57 times as global temperature rises at an unprecedented rate.

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