The electric vehicle (EV) giant reported adjusted quarterly earnings of $1.19 versus analysts’ estimates of $1.12 per share. Sales of $24.32 billion beat analysts’ estimates of $23.03 billion. Tesla’s 25.9% gross margin for cars was below expectations of 28.4%.
The company said its Cybertruck model is on track to go into production later this year. More details are expected to be revealed at its investor day on March 1.
IBM shares rose 2% after the company reported fourth-quarter revenue of $16.69 billion, slightly above analysts’ expectations. Adjusted earnings per share came in at $3.60, in line with analysts’ average estimate.
The hybrid cloud and infrastructure company will cut about 3,900 jobs, or 1.5 percent of its workforce, CFO James Kavanaugh said in an interview, according to Bloomberg. IBM is joining a host of technology companies cutting costs by cutting their workforces amid slowing economies around the world.
Shares of software company ServiceNow fell after subscription sales fell short of analysts’ expectations.
Subscription revenue for the company’s latest quarter rose 22% to $1.86 billion, but missed analysts’ estimates of $1.89 billion. However, the subscription sales forecast for 2023 was better than expected.
Adjusted revenue of $2.03 billion for the company’s fourth quarter beat estimates of $2.01 billion. Its adjusted revenue of $2.03 billion also beat expectations of $2.01 billion
The company is committed to not laying off employees in 2023, according to an interview with CEO Bill McDermott, according to Bloomberg.
Levi Strauss (Levi)
Levi Strauss’ adjusted earnings per share of 34 cents for the fourth quarter beat analysts’ average expectation of 29 cents.
Net income of $1.59 billion was also slightly higher than the $1.57 billion expected by Wall Street.
The jeans company’s adjusted earnings-per-share forecast range of $1.30 to $1.40 was in line with analysts’ estimate of $1.35.
“We delivered strong results in 2022 by focusing on execution and controllable elements of the business,” said Chief Financial and Development Officer Harmit Singh.
Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre
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