Streetbeat News

Earnings

TSLA

Tesla Inc. (NASDAQ:TSLA) plans to lay off 693 employees in Nevada as part of a global workforce reduction of 10%, totaling about 14,000 jobs, due to falling EV sales and margins. The layoffs, announced on April 15, are part of a broader effort to streamline the company for future growth, according to CEO Elon Musk. This move comes amid disappointing financial results for Tesla, with a 55% drop in net profit and the first quarterly revenue decline since 2020. Despite these challenges, Musk has promised a faster rollout of cheaper EV models.

Portfolio Pulse from Anan Ashraf

April 27, 2024 | 4:01 am

AAPL

AMZN

LLY

Jim Cramer, host of CNBC's 'Mad Money,' discussed the upcoming week's key events for investors, including earnings reports from Apple Inc. (AAPL), Amazon.com Inc. (AMZN), and Eli Lilly and Co. (LLY). He emphasized the significance of the Federal Reserve meeting and the Department of Labor's employment figures. Cramer expressed concerns about the economy's strength and highlighted Apple's collaboration with Nvidia as a potential boost for Apple's stock. He also criticized the media's focus on Apple's challenges over the successes of Google and Microsoft.

Portfolio Pulse from Ananya Gairola

April 27, 2024 | 2:33 am

TSLA

Elon Musk, CEO of Tesla Inc (NASDAQ:TSLA), has responded to accusations of consumer fraud made by Facebook co-founder Dustin Moskovitz. Moskovitz accused Tesla of fraudulent practices similar to Enron, including lying about Full Self-Driving capabilities, range, and possibly inflating odometers. He also criticized Tesla's financial practices, particularly in recognizing deferred revenue. Musk dismissed Moskovitz's allegations on X, mocking him. This controversy comes as Tesla faces a 9% revenue decrease year-over-year in Q1 2024.

Portfolio Pulse from Ananya Gairola

April 27, 2024 | 1:45 am

VITL

Vital Farms (NASDAQ:VITL) received mixed analyst ratings over the past three months, with a recent shift towards more bullish perspectives. The average 12-month price target for VITL has been raised to $24.57, indicating a 22.85% increase from the previous target. Analysts from firms including Stifel, Lake Street, TD Cowen, DA Davidson, and Goldman Sachs have adjusted their ratings and price targets, reflecting an optimistic outlook based on Vital Farms's recent financial performance, which includes a revenue growth rate of 23.37%, a net margin of 5.31%, and an ROE of 3.84%.

Portfolio Pulse from Benzinga Insights

April 26, 2024 | 9:00 pm

AMC

AMC Entertainment's stock is trading higher due to a positive preliminary forecast for the first quarter.

Portfolio Pulse from Benzinga Newsdesk

April 26, 2024 | 8:50 pm

IONM

Assure Holdings announced that its unaudited financial statements for the quarterly periods ending March 31, June 30, and September 30, 2023, should not be relied upon due to errors, as per an SEC filing. However, these errors do not affect the company's cash position at the end of the non-reliance periods.

Portfolio Pulse from Benzinga Newsdesk

April 26, 2024 | 8:49 pm

FCAP

First Cap (NASDAQ:FCAP) reported a decrease in Q1 earnings per share to $0.88, down 22.81% from $1.14 YoY.

Portfolio Pulse from Benzinga Newsdesk

April 26, 2024 | 8:45 pm

SJ

Scienjoy Holding forecasts Q1 2024 revenue to be between RMB310 million and RMB320 million, reflecting its preliminary view on market and operational conditions.

Portfolio Pulse from Benzinga Newsdesk

April 26, 2024 | 8:38 pm

SJ

Scienjoy Holding reported a significant downturn in its FY23 financial results, with a net loss of $4.9 million compared to a net income of $195.2 million in FY22. Revenues fell by 25% to $206.3 million, primarily due to decreased paying users and ARPPU in China's competitive mobile live streaming market. Operating expenses rose by 27.4%, while sales and marketing expenses decreased. The company also faced investment losses and impairments, contributing to the overall net loss. Despite these challenges, cash and cash equivalents increased by 17.2% to $28.9 million.

Portfolio Pulse from Benzinga Newsdesk

April 26, 2024 | 8:37 pm

EBON

Ebang Intl Hldgs (NASDAQ:EBON) reported a narrower FY EPS loss of $(5.86) compared to $(7.03) YoY, but sales plummeted to $4.86M from $32.33M YoY, indicating a significant revenue decline.

Portfolio Pulse from Benzinga Newsdesk

April 26, 2024 | 8:37 pm