Tesla (TSLA)
The electric vehicle (EV) giant reported adjusted quarterly earnings of $1.19 per share versus analyst estimates of $1.12. Revenue of $24.32 billion beat analyst estimates of $23.03 billion. Tesla’s auto gross margin of 25.9% came in below expectations of 28.4%.
The company said its Cybertruck model is on track to start production later this year. Further details are expected to be announced at Investor Day on March 1st.
IBM (IBM)
IBM shares rose 2% after the company reported fourth-quarter revenue of $16.69 billion, slightly ahead of analysts’ expectations. Adjusted earnings per share were $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 by CFO James Kavanaugh, reported by Bloomberg. IBM joins a slew of tech companies cutting costs by shedding their workforce amid a slowing economy around the world.
service now (NOW)
Shares in software company ServiceNow fell after subscription sales fell short of analysts’ expectations.
Subscription revenue for the company’s most recent quarter rose 22% to $1.86 billion, but fell short of analyst estimates of $1.89 billion. However, the subscription sales forecast for 2023 came out better than expected.
The company’s fourth-quarter adjusted revenue of $2.03 billion beat estimates of $2.01 billion. Adjusted revenue of $2.03 billion also beat expectations of $2.01 billion
According to a Bloomberg interview by CEO Bill McDermott, the company promises not to lay off any employees in 2023.
Levi Strauss (LEVI)
Levi Strauss adjusted earnings per share of 34 cents for the fourth quarter beat the average analyst expectation of 29 cents.
Net sales of $1.59 billion were also slightly above the $1.57 billion expected by Wall Street.
The denim company’s forecast adjusted earnings per share range of $1.30 to $1.40 is in line with analysts’ estimate of $1.35.
The story goes on
“We delivered strong results in 2022 by focusing on execution and the controllables of the business,” said Harmit Singh, Chief Financial and Growth Officer.
Ines is Senior Business Reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre
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