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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.

Bitcoin falls below $19,000 as cryptos creak under rate hike risk

Skylar Shaw

Sep 20, 2022 14:27

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On Monday, cryptocurrency prices hit new lows as a result of regulatory worries and a general investor reluctance to engage in risky assets due to impending interest rate increases.


By market value, Bitcoin, the most valuable cryptocurrency, dropped almost 5% to a three-month low of $18,387.


The second-largest cryptocurrency, ethereum, lost 3% to a two-month low of $1,285 and had lost more than 10% in the previous day. The majority of the smaller tokens had larger losses.


Over the weekend, a significant update to the Ethereum blockchain—which supports the ether token—called the Merge changed how transactions are handled and reduced energy consumption.


The value of the token has decreased amid rumors that comments made last week by Gary Gensler, chairman of the U.S. Securities and Exchange Commission, suggested the new structure would draw further regulation. The upgrades' surrounding trades were likewise unwound.


The regulatory outlook is guesswork, according to Matthew Dibb, COO of Singapore's Stack Funds cryptocurrency platform.


Since the Merge, the markets have shed a lot of their excitement, he said. Given the uneasy global background, he said, "It's truly been a sell-the-news sort of event," and predicted that ether will test $950 in the near future.


"From a basic and technological standpoint, the current situation does not appear promising. There isn't a clear quick positive trigger that will support these markets and inject a ton of fresh cash and liquidity, in our opinion.

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