39 minutes ago
Tesla misses profit target for fourth consecutive year
Tesla reported weaker-than-expected profits on Tuesday, making it the first electric-car maker to post four consecutive earnings misses.
Second-quarter profits fell 17% below consensus, the biggest profit fall since January 2021.
Tesla’s gross margin fell to 14.6% in the latest quarter, halving from 30% in the first quarter of 2022.
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Tesla shares on Tuesday
55 minutes ago
Stock market moves significantly in after-hours trading
Let’s take a look at some of the companies that are garnering attention in extended trading.
Alphabet — The tech giant fell 1% even though its second-quarter sales and profits both beat expectations. Alphabet earned $1.89 a share on revenue of $84.74 billion. The consensus estimate was for earnings of $1.84 a share on revenue of $84.19 billion. But revenue from its YouTube advertising unit fell short of expectations.
Tesla — Shares of the electric car maker fell 4.7% after its second-quarter profit fell short of expectations. Tesla reported adjusted earnings per share of 52 cents, compared with analysts surveyed by LSEG’s forecast of 62 cents per share. Meanwhile, the company posted quarterly revenue of $25.5 billion, slightly above the market forecast of $24.77 billion.
Visa — Shares fell more than 2% after the company reported weaker-than-expected third-quarter earnings. Visa reported revenue of $8.9 billion, slightly below the $8.92 billion expected by analysts surveyed by LSEG, while payment volume grew 7% in the quarter.
Seagate — Seagate shares rose more than 6% after the company reported fourth-quarter earnings and revenue that beat expectations. Seagate earned $1.05 per share, excluding overhead, on revenue of $1.89 billion. Analysts surveyed by LSEG had expected earnings of 75 cents per share on revenue of $1.87 billion. The company attributed the strong performance to an improving cloud environment.
You can see the complete list here.
— Kim Hagyeong
1 hour ago
Stock futures fell on Tuesday
U.S. stock futures fell across the board on Tuesday night.
S&P 500 futures fell 0.3%. Futures tracking the Nasdaq 100 and Dow Jones Industrial Average fell 0.4% and 0.2%, respectively.
— Kim Hagyeong
