 Technology |
Technology |
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Tesla stock slumps as EV maker's profits sink |
Tesla shares fell 12 percent Wednesday after the electric vehicle (EV) maker's second quarter earnings fell short of analyst expectations. |
The company, led by billionaire tech mogul Elon Musk, brought in $25.5 billion in the three-month period between April and June, up 2 percent from the same period last year. However, Tesla's net income fell 45 percent, from $2.7 billion in the second quarter of 2023 to $1.5 billion in the second quarter of 2024, despite efforts to cut costs, including widespread layoffs. In April, Musk announced plans to cut more than 10 percent of the company's global workforce. "As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity," he said in a memo to staff at the time. "As part of this effort, we have done a thorough review of the organization and made the difficult decision to reduce our headcount by more than 10 percent globally," Musk added. The lackluster earnings report follows a weak performance from the EV maker in the first quarter as well. Tesla's net income was down 55 percent in the three-month period between January and March. Read more in a full report at TheHill.com. |
Welcome to The Hill's Technology newsletter, we're Rebecca Klar and Julia Shapero — tracking the latest moves from Capitol Hill to Silicon Valley. |
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How policy will be impacting the tech sector now and in the future: |
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Delta Air Lines cancellations and delays resulting from a massive IT outage will continue through Thursday, CEO Ed Bastian said Wednesday. Thousands of Delta flights have been canceled or delayed since Friday, when a global computer outage caused by security software CrowdStrike brought much of the airline industry to a halt. "While our initial efforts to stabilize the operations were difficult and frustratingly slow and complex, … |
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Air pollution is worsening near massive e-commerce warehouses as a result of constant traffic around these hubs, a new study found. The new study was led by researchers at The George Washington University and published in the Nature Communications journal on Wednesday. The researchers used satellite observations to measure traffic-related pollutant nitrogen dioxide across nearly 150,000 warehouses in the U.S. Overall, … |
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Former President Trump said he remains opposed to “certain” electric vehicles (EVs) despite billionaire Elon Musk supporting his campaign. Trump told Fox News's Jesse Watters in an interview Tuesday that despite Musk’s endorsement, the Tesla CEO has “never” asked the Republican nominee to "lay off" criticizing EVs. “I’ll tell you, he’s never called me and said, could you lay off … |
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News we've flagged from the intersection of tech and other topics: |
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CrowdsStrike offers partners $10 apology card |
CrowdStrike is offering its partners a $10 Uber Eats gift card as an apology after a botched update at the cybersecurity firm crashed millions of computers last week, TechCrunch reported. |
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Apple Maps launches web version, Google rival |
Apple Maps launched a beta of a web version that offers walking and driving directions, as well as ratings and reviews, in a move that could rival Google Maps, TheVerge reported. |
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Branch out with other reads on The Hill: |
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CrowdStrike blames bug for letting bad data slip through, leading to global tech outage |
NEW YORK (AP) — CrowdStrike is blaming a bug in an update that allowed its cybersecurity systems to push bad data out to millions of customer computers, setting off last week’s global tech outage that grounded flights, took TV broadcasts off air and disrupted banks, hospitals and retailers. … |
Meta said Wednesday that it has taken down about 63,000 Instagram accounts in Nigeria running sexual extortion scams and has removed thousands of Facebook groups and pages that were trying to organize, recruit and train new scammers. Sexual extortion, or sextortion, involves persuading a person to … |
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Two key stories on The Hill right now: |
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Israeli Prime Minister Benjamin Netanyahu gave a vigorous defense of Israel’s actions in Gaza in an address to a joint meeting of Congress on … Read more |
| A federal judge on Wednesday denied ABC News and George Stephanopoulos’s motion to dismiss former President Trump's lawsuit claiming the anchor … Read more |
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You're all caught up. See you tomorrow! |
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