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Tesla Q1 net profit drops 55% to $1.13 billion, revenue falls 9% YoY

Livemint

Livemint · 1y ago

Tesla Q1 net profit drops 55% to $1.13 billion, revenue falls 9% YoY

Tesla reported a 55% drop in net profit for the first quarter and a 9% decline in revenue, marking the first revenue decline since 2020. However, Tesla’s share price surged more than 13% in after-hours trading after CEO Elon Musk announced plans to accelerate the launch of new, more affordable electric vehicle models. Tesla also announced layoffs of more than 10% of its global workforce and price reductions in major markets like the US, China, and Europe. These cost-saving measures are expected to save the company over $1 billion annually.

Related News

Exploring Right Time For Flipkart IPO: Walmart International CEO

Inc42 · 1y ago

Exploring Right Time For Flipkart IPO: Walmart International CEO

Flipkart, the Indian e-commerce giant owned by Walmart, is considering the right time for its initial public offering (IPO), according to Walmart International's CEO Kath McLay. Flipkart has been witnessing strong growth and has been EBITDA positive for the past two quarters. Walmart reported a profit of $5.1 billion for Q1 2024. Flipkart's operating revenue in FY23 increased by 42% YoY to INR 14,845.8 crore, while its B2C arm's net loss declined 9% to INR 4,026.5 crore. PhonePe, Flipkart's digital payments arm, also experienced strong growth.

Wipro shares tank nearly 9% after earnings announcement

YourStory

YourStory · 11m ago

Wipro shares tank nearly 9% after earnings announcement

Wipro's shares saw a significant drop of nearly 9% after the company provided flat sequential growth guidance. The stock emerged as the biggest laggard among the NSE Nifty firms. Wipro reported a 4.6% YoY rise in consolidated net profit for Q1 FY25, but revenue for the same period fell 3.8%. The company expects revenue from the IT Services business segment to be in the range of $2,600 million to $2,652 million, with a sequential guidance of -1.0% to +1.0% in constant currency terms for the September quarter.

Tesla reports robust profit increase on strength of battery storage sales

Economic Times

Economic Times · 8m ago

Tesla reports robust profit increase on strength of battery storage sales

Tesla reported a 17% increase in profit for the third quarter, driven by strong growth in battery storage and other businesses. The company earned $2.2 billion, compared to $1.9 billion the previous year, with sales reaching $25.2 billion. While car sales saw a modest increase, Tesla cautioned investors about minimal growth in car deliveries this year. The company's performance was boosted by sales of storage batteries (up 52% YoY) and revenue from services like charging (up 29% YoY). Additionally, Tesla made $739 million from selling regulatory credits to other automakers.

TCS Dividend: Board recommends final dividend of ₹28/share; check details

Livemint

Livemint · 1y ago

TCS Dividend: Board recommends final dividend of ₹28/share; check details

Tata Consultancy Services (TCS) reported its Q4 results for fiscal year 2023-24, with a 9% increase in net profit to ₹12,240 crore and a 3.5% YoY rise in revenue to ₹61,237 crore. The company also announced a recommended final dividend of ₹28 per equity share. TCS achieved an all-time high order book of $42.7 billion for the fiscal year and $13.2 billion for Q4. The CEO and Managing Director, K Krithivasan, highlighted the company's strong performance and its ability to support customers in uncertain times. TCS shares have gained 6% this year.

Square Yards posts Rs 261 Cr revenue in Q1 FY25; projects Rs 1,500 Cr in FY25

Entrackr

Entrackr · 10m ago

Square Yards posts Rs 261 Cr revenue in Q1 FY25; projects Rs 1,500 Cr in FY25

Proptech firm Square Yards has announced its results for the first quarter of the ongoing fiscal year. The Gurugram-based company saw a 52% increase in its revenue during Q1 FY25 compared to Q1 FY24. Square Yards’ revenue from operations surged to Rs 261 crore in Q1 FY25, with a gross transaction value of Rs 10,053 crore, compared to Rs 172 crore in revenue and a gross transaction value of Rs 6,674 crore in Q1 FY24, the company said in a press release. In the fiscal year ending March 2024, the company reported revenue of Rs 1,004 crore with EBITDA profitability. However, the net losses of Square Yards stood at Rs 216 crore FY24. Income from financial services along with real estate services formed 83% of the total operating revenue for Square Yards which increased 48% and 61% YoY respectively. The press release added that its digital services also saw an impressive growth of 145% in the same period. Square Yards is a full-stack proptech platform, playing the entire consumer journey including search, discovery, transactions, mortgages, home furnishing, rentals, and property management. The company claims to have more than 8 million monthly traffic and approximately $5 billion GTV with a presence in more than 100 cities across 9 countries. In the first quarter of the current fiscal year (Q1 FY25), Square Yards reported a gross profit of Rs 25 crore with a negative EBITDA margin of Rs 32 crore, compared to a gross profit of Rs 15 crore and a negative EBITDA margin of Rs 29 crore in Q1 FY24. The company has projected Rs 1,506 crore revenue in the full year of FY25 up from Rs 1,004 crore in FY24 with a positive EBITDA of Rs 101 crore.

Unicommerce appoints two senior directors to head marketing & India sale

YourStory

YourStory · 9m ago

Unicommerce appoints two senior directors to head marketing & India sale

Unicommerce, an e-commerce enablement platform, has hired Pranay Kale as Senior Director and Head of India Sales, and Vaibhav Mehrotra as Senior Director of Marketing. Both bring extensive experience in the SaaS sector and will contribute to driving sales growth and expanding the company's market presence. Unicommerce, which serves over 3,600 clients across India, the Middle East, and Southeast Asia, recorded a 31.1% YoY increase in net profit in Q1 FY25 and a 9.2% YoY increase in total revenue.

Piramal to focus on brownfield expansion, cut debt before acquisitions

Livemint

Livemint · 1y ago

Piramal to focus on brownfield expansion, cut debt before acquisitions

Piramal Pharma Ltd intends to focus on organic growth and reducing its debt, rather than actively seeking acquisition opportunities, according to Chairperson Nandini Piramal. The company plans to invest more than ₹700 crore ($85 million) in brownfield expansion through FY25, with the majority allocated to its contract development and manufacturing organisation (CDMO) segment. While the company remains open to accretive acquisitions, reducing net debt ratios takes priority. Piramal reported a 102% YoY increase in net profit for Q1 2024, driven by strong CDMO business revenue growth.

Fertilizers & Chemicals Travancore Q3 FY24 Results Live : profit falls by 81.71% YOY

Livemint

Livemint · 1y ago

Fertilizers & Chemicals Travancore Q3 FY24 Results Live : profit falls by 81.71% YOY

Fertilizers & Chemicals Travancore (FACT) reported its Q3 FY24 results, experiencing a 36.27% decrease in revenue and an 81.71% decline in profit YoY. The company's selling, general, and administrative expenses dropped 13.33% compared to the previous quarter and decreased slightly by 0.18% YoY. Operating income also significantly decreased by 67.46% QoQ and 80.35% YoY. The EPS for Q3 FY24 was recorded at ₹0.47, representing an 85.99% YoY decrease.

Abu Dhabi's IHC to hold buyback of up to $1.36 bn

VCCircle

VCCircle · 1y ago

Abu Dhabi's IHC to hold buyback of up to $1.36 bn

Abu Dhabi's International Holding Company (IHC) has announced a share buyback of up to $1.36 billion, following a nearly doubling of its first-quarter profit. The company reported a net profit of AED 8.02 billion ($2.18 billion) for Q1 2022, up from AED 4.27 billion in the same period last year. Strong performances in core divisions including real estate, construction, and technology contributed to the revenue growth. The decision to buy back shares is driven by the company's strong financial standing, characterized by significant cash flow and a strong balance sheet.

Coal India Q3 results: PAT rises to ₹9,069 crore, interim dividend of ₹5.25/-

Livemint

Livemint · 1y ago

Coal India Q3 results: PAT rises to ₹9,069 crore, interim dividend of ₹5.25/-

Coal India reported a 17% increase in its consolidated net profit for the quarter ending December 2023, reaching ₹9,069 crore. Revenue from operations grew by 3% YoY to ₹36,154 crore. The company declared a second interim dividend of ₹5.25 per share for FY24, with a record date of February 20. Coal output increased by 11% YoY to 199 million tonnes, while coal supplies rose by 9% to 191.30 million tonnes for the quarter. The company also announced the appointment of Mukesh Agrawal as CFO, effective from February 13.

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