Tesla posts smaller fourth-quarter profit than previous quarter

31 January, 2019, 18:56 | Author: Billie Castillo
  • Here comes Tesla... (TSLA)

But its revenue came in line with forecast, it has more cash and can meet its upcoming bond payment, and Musk says profits, even if small, will continue through each quarter this year.

"I expect the demand for the Model Y will be maybe 50% higher than the Model 3", Musk said, adding that he saw annual demand for the existing Model 3 at around 700,000 to 800,000 units a year, and maybe as low as 500,000 if a recession emerges. For the full year, the company lost $976.1 million. In this, it'll be something more aligned with the Model X SUV's pricing.

The departure of Deepak Ahuja as well as missing Wall Street profit targets for the end of 2018, sent Tesla shares down almost 6 percent after hours.

It forecast strong growth, as Model 3 auto sales start in Europe and China.

"We believe fourth-quarter results and the 2019 outlook give something for bulls and bears to exercise their imaginations".

In a strong economy, that demand would be 700,000 to 800,000 units of the Model 3 and as production increases it will bring down the price.

Elon Musk, the electric-car maker's CEO, warned investors and employees two weeks ago that pressure to achieve a profit and make the Model 3 more affordable led to more than 3,000 job cuts at the company.

South Africa vs Pakistan - Highlights & Stats
South Africa won the toss and made a decision to bowl in the decisive final one-day worldwide against Pakistan on Wednesday. The final match, like in Women's World T20, will take place in Melbourne.

The carmaker delivered adjusted earnings of $1.93 per share for the fourth quarter, falling below consensus estimates of $2.14 per share, according to Bloomberg data.

The bull vs bear debate is poised to heat up following Tesla Inc.'s (TSLA.O) fourth-quarter results Wednesday post-market, and analysts are placing their bets on the naysayers.

"We are planning to continue to produce Model 3 vehicles at maximum production rates throughout 2019".

At the time, CNBC reported that Morton had clashed with Musk over the latter's plans to take Tesla private. Total fourth-quarter production grew 8% from the third quarter to 86,555 vehicles.

Elon Musk, the company's CEO, said earlier this month that the company was targeting a small profit this quarter.

As for production, the electric automaker said it hopes to achieve a Model 3 production rate of 7,000 vehicles per week by the end of the year.

"Tesla serves the objective of a "stalking horse" to the fast growing domestic Chinese EV industry, but we believe it has limited to zero terminal value in a region where a number of domestic champions should emerge", Morgan Stanley analysts said.



Unemployment figures not released by government: NITI Aayog VC Rajiv Kumar
After the chaotic launch of Goods and Services Tax (GST) in July 2017, hundreds of thousands have lost jobs in small businesses. Niti Aayog vice-chairman Rajiv Kumar said, "Government did not release the data (on jobs) as it is still being processed".

Atlanta United Miguel Almiron joins Newcastle in record deal
Newcastle want a loan deal for the 29-year-old but could nab the player for free in the summer when his contract expires. The attacking midfielder has made 70 appearances for Atlanta, scoring 22 goals and supplying 21 assists in return.

Special counsel says 'non-sensitive' material from troll case used for disinformation
The special counsel describes being advised of the issue by Concord's lawyers on the day after HackingRedstone published the link. When filing documents in a federal case, special counsel Robert Mueller revealed new information about the election 2016 hackers.

'The View' Host Sunny Hostin Confronts Chris Christie With Blunt Trump Question
Some Christie aides and allies were linked to the closures, seeing it as a way to punish the mayor of Fort Lee for not endorsing Christie's re-election bid that year.

Andy Murray undergoes hip resurfacing surgery in attempt to extend tennis career
The night he lost to Roberto Bautista Agut in Australia, Murray said he would decide quickly whether to have surgery again. U.S. tennis player Bob Bryan has had the same surgery as Murray in August 2018 and is still in the process of recovering.

Ocasio-Cortez slams tech giants over climate change denial at conference
Our favourite woman from the Bronx is doing what she does: calling rich people out. "No one's more effective than her right now". Joseph Crowley, whom Ocasio-Cortez defeated in a 2018 Democratic district primary election.

Markets Right Now: Stocks sink on China slowdown fears
Volatile oil prices brought down Caterpillar's order book in the last quarter by about US$800 million from the September quarter. Sales of $7.95 billion also beat expectations, even as 3M said foreign-currency translation reduced revenue by 2.3 percent.

Netflix Is Concerned Their Viewers Keep Talking About Ted Bundy's Hotness
Kathy Kleiner Rubin was attacked by Bundy in her sorority at Florida State University, according to a report by Cosmopolitan . Following the news that Efron would be playing the role, some people complained that the film would be " glorifying " Bundy.

Google starts rolling out new look Gmail app with updated features
Google's Gmail redesign is starting to roll out to users on Android and iOS following its massive overhaul on web a year ago . It's also easier to switch between personal and work accounts, so you can access all of your emails without breaking a sweat.

Taoiseach to speak to British PM following Commons vote
Irish premier Leo Varadkar is expected to speak with Mrs May on Wednesday to discuss the outcome of the vote. The Irish government said the agreement was "not open for re-negotiation".