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On January 29th, Tesla reported a 3% drop in fourth-quarter revenue, losing its title as the worlds largest electric vehicle manufacturer to BYD. Tesla reported quarterly revenue of $24.9 billion. Full-year 2025 revenue is projected at $94.8 billion, a 3% year-over-year decrease. Net income was $840 million, a 61% year-over-year decrease. Non-GAAP earnings per share were $0.50, exceeding analysts expectations of $0.45. Free cash flow for the quarter was $1.4 billion, a 30% year-over-year decrease due to Teslas significant investments in robotics and artificial intelligence research, but this result was still better than the generally negative expectations of analysts. Teslas stock price rose more than 3% in after-hours trading. Furthermore, Tesla announced a $2 billion investment in xAI, indicating the companys increasing focus on artificial intelligence.Muyuan Foods Co., Ltd. announced that it plans to issue 273.9 million H shares in Hong Kong (subject to the exercise of the over-allotment option), with a maximum price of HK$39 per share. Trading of the shares is expected to begin on February 6.On January 29th, Meta Platforms (META.O) released its fourth-quarter earnings report and gave stronger-than-expected sales guidance, causing its stock price to rise 10% in after-hours trading. The company reported earnings per share of $8.88 for the fourth quarter, exceeding the expected $8.23. Revenue reached $59.89 billion, surpassing the estimated $58.59 billion. The company stated that its advertising business generated $58.1 billion in revenue for the quarter, accounting for nearly 97% of its total revenue. Daily active users in the fourth quarter reached 3.58 billion, in line with Wall Street expectations. Meta indicated that it expects first-quarter sales to be between $53.5 billion and $56.5 billion, higher than analysts estimates of $51.41 billion.On January 29th, Microsoft (MSFT.O) shares fell as much as 8% in after-hours trading on Wednesday, despite the tech giant reporting better-than-expected second-quarter results. Microsoft reported adjusted earnings per share of $4.14 and revenue of $81.3 billion. Analysts surveyed by FactSet had expected earnings per share of $3.91 and revenue of $80.3 billion. Investors were likely reacting to the companys performance in its Azure cloud service. Azure revenue grew 39% in the quarter. This figure exceeded Wall Streets expectations of 37.8%, but was slightly lower than the 40% growth rate in the first fiscal quarter.US Treasury Secretary Bessenter: Increased Venezuelan crude oil supply means lower gasoline prices.

U.S. Senate to hold FTX hearing on Dec. 1, CFTC chairman to testify

Cory Russell

Nov 22, 2022 15:35

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The U.S. Senate Agriculture Committee on Thursday said it will hold a hearing on Dec. 1 to examine the sudden collapse of FTX, one of the world’s biggest crypto exchanges.


FTX filed for bankruptcy on Nov. 11, leaving an estimated 1 million customers and other investors facing billions of dollars in total losses. The firm’s failure has created a liquidity crunch that has rippled across the industry and sent the prices of bitcoin and other digital assets plummeting.


Rostin Behnam, the chairman of the Commodity Futures Trading Commission, is the first witness named for the hearing, titled, “Why Congress Needs to Act: Lessons Learned from the FTX Collapse.”


U.S. Senate Agriculture Committee Chair Debbie Stabenow also on Thursday called on Congress to pass the bipartisan Digital Commodities Consumer Protection Act, which she said, “would have prohibited the misconduct and risky behavior undertaken by FTX.”


The U.S. House Financial Services Committee has also said it plans to hold a hearing in December to investigate FTX’s collapse.


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