Tag: Wall Street

BusinessEnergy

Tesla Q3 Profits Plunge 37% Despite EV Tax Credit Sales Surge, Musk Pay Package Vote Looms

Tesla reported a 37% drop in quarterly profits despite surpassing delivery expectations, attributed to buyers rushing to secure expiring EV tax credits. The earnings slump comes as CEO Elon Musk seeks approval for a historic $1 trillion pay package amid growing shareholder skepticism.

Profit Decline Amid Sales Surge

Tesla experienced a 37% year-over-year profit decline in its most recent quarter, according to the company’s earnings report, despite achieving record vehicle deliveries. The automaker reportedly posted net income of $1.4 billion, down from $2.2 billion in the same period last year, while earnings per share of 50 cents fell short of the 54 cents analysts had projected.

by Nathan Cole
Business

IBM Exceeds Q3 Projections and Raises Outlook Amid AI Growth, Yet Shares Decline

IBM reported stronger-than-expected third-quarter earnings and lifted its full-year revenue forecast, citing significant contributions from artificial intelligence services. However, the company’s stock experienced a downturn in extended trading, contrasting with the upbeat financial performance. AI-related business reportedly surged to over $9.5 billion, highlighting growing enterprise adoption.

IBM’s Strong Quarterly Performance

International Business Machines (IBM) reportedly exceeded Wall Street expectations for the third quarter, according to financial analyses released Tuesday. The technology giant posted revenue growth of 9% year-over-year, reaching approximately $15 billion, while swinging to a profit of $1.74 billion after a loss in the same period last year. Sources indicate that last year’s results were affected by a substantial pension settlement charge of $2.7 billion.

by Elisa Romero