Tesla stock remained steady on Wednesday during after-hours trading as the company reported its latest quarterly earnings. Adjusted quarterly earnings for the electric vehicle maker were $1.19 per share, exceeding analysts’ estimates of $1.12 per share. Sales of $24.32 million also experts’ projections of $23.03 million, however, the company’s gross margin of 25.9% fell short of expectations of a 28.4% margin.
IBM shares rose 2% following the computing giant’s announcement of its decision to cut 3,900 jobs, composing 1.5% of the company’s entire workforce. By doing so, IBM is following a recent trend in the hi-tech sector, following the likes of Microsoft and Google parent company Alphabet Inc.
Levi Strauss also released its own quarterly adjusted earnings figures, with its 34 cents per share beating analysts’ fourth quarter forecasts of 29 cents per share. Net revenue for the period was $1.59 billion, narrowly beating Wall Street estimates of a $1.57 billion revenue.
“We achieved strong results in 2022 by focusing on execution and the controllables of the business,” chief financial officer Harmit Singh commented.