The electric vehicle (EV) giant reported adjusted quarterly earnings of $1.19 versus analyst estimates of $1.12 per share. Revenue of $24.32 billion beat analyst estimates of $23.03 billion. Tesla’s automotive gross margin of 25.9% fell short of expectations of 28.4%.
The company said its Cybertruck model is on track to begin production later this year. More details are expected to be revealed at investor day on March 1.
IBM shares rose 2% after the company announced fourth-quarter revenue of $16.69 billion, slightly above analyst expectations. Adjusted earnings per share came in at $3.60, in line with the median analyst estimate.
The hybrid cloud and infrastructure company will cut about 3,900 jobs, or 1.5% of its workforce, according to an interview given by CFO James Kavanaugh, reported by Bloomberg. IBM joins a slew of technology companies cutting costs by reducing headcount amid slowing economies around the world.
Serve now (NOW)
Shares of software company ServiceNow fell after subscription sales fell below analysts’ expectations.
Subscription revenue for the company’s last quarter rose 22% to $1.86 billion, but fell short of analyst estimates of $1.89 billion. However, the forecast for subscription sales for 2023 was better than expected.
The company’s fourth-quarter adjusted revenue of $2.03 billion topped estimates of $2.01 billion. Adjusted revenue of $2.03 billion also beat expectations of $2.01 billion
The company promises not to lay off any employees in 2023, according to an interview with CEO Bill McDermott, reported by Bloomberg.
Levi Strauss (LEVI)
Levi Strauss’ fourth-quarter adjusted earnings per share of 34 cents beat average analyst expectations of 29 cents.
Net sales of $1.59 billion were also slightly higher than the $1.57 billion expected by Wall Street.
The denim company’s adjusted earnings per share of $1.30 to $1.40 are in line with the $1.35 analysts estimated.
“We delivered strong results in 2022 by focusing on the execution and controllables of the business,” said chief financial and growth officer, Harmit Singh.
Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter @ines_ferre
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