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Tesla stock drops as Elon Musk gives bizarre earnings call

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Elon Musk speaks onstage at Elon Musk Answers Your Questions! during SXSW at ACL Live on March 11, 2018 in Austin, Texas.

Diego Donamaria | Getty Images

Elon Musk speaks onstage at Elon Musk Answers Your Questions! during SXSW at ACL Live on March 11, 2018 in Austin, Texas.

Shares in Tesla took a nosedive in after-hours trading today as Elon Musk cut off analysts during a first-quarter earnings call. He dismissed a question about gross margins from Bernstein senior analyst Toni Sacconaghi as “boring.” Instead, Musk and other executives answered multiple questions from a Tesla enthusiast and Youtuber named Gali Russell.

The 25-year-old retail investor tweeted at Elon Musk on Monday, seeking to ask him a “crowdsourced” question during Wednesday’s conference call. Instead of a single question, Russell was able to ask several.

The stock drop may have become apparent around the time when Musk cut off analysts on the call. However, the company’s first-quarter update has also stoked concerns over Tesla’s cash burn and how, exactly, it will improve margins while ramping Model 3 production.

On the first-quarter call, CEO Elon Musk also promised a “reorganization” this month. He said:

“I’m feeling quite confident about hitting positive cash flow in Q3. This is not a certainty. It does appear quite likely in my view. We are going to conduct a reorganization, restructuring of the company this month and make sure we are well set up to achieve that goal. In particular the number of third-party companies we’re using has gotten out of control. We’re going to scrub the barnacles on that front.”

In answering questions from Gali Russell, Musk also revealed that Model Y production is not expected to begin for another two years, and that the vehicle won’t be produced at Tesla’s main, Fremont, Calif. factory.

Musk said, “We will not be starting production of the Model Y at the end of next year. It’s probably closer to 24 months from now, 2020… We could not fit the Model Y production at Fremont. We’re jammed to the gills here. One thing I know for sure is it’s not here.”

Musk’s own compensation is tied to Tesla’s stock price.

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Trump plans to sell F-35 fighter jets to UAE, but hurdles remain

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How to get Apple One subscriptions and save money

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iPhone 12 Pro and iPhone 12.

Todd Haselton | CNBC

Apple began rolling out its Apple One subscription bundles on Friday. They package together a bunch of of Apple’s subscription services, such as Apple Music, Apple TV+, Apple Arcade and iCloud storage and can save you money over paying for them separately.

Apple One also represents a new way for Apple to boost subscriptions and bolster its services business, which generated $14.55 billion — up 16.5% year-over-year— during Apple’s fiscal fourth quarter. And it could help attract more people to use services they might not have otherwise, like Apple Arcade.

Three plans are available:

  • Individual costs $14.95 per month with Apple Music, Apple TV+, Apple Arcade and 50GB of iCloud storage. That’s a savings of $6 a month over buying them separately.
  • Family costs $19.95 per month and includes 200GB of iCloud storage and support for up to six people to use the subscriptions. It will save you $8 a month.
  • Premier costs $29.95 per month and adds News+ and Fitness+, a set of workout classes for Apple Watch owners, along with 2TB of iCloud storage. It works with up to six people and will save you a whopping $25 a month over buying the services separately.

Here’s how to sign up:

  • Open Settings on your iPhone.
  • Tap your name at the top of the screen.
  • Tap Subscriptions.
  • Choose “Get Apple One.”
  • Select the plan. Each comes with a one-month free trial.
  • Click ‘Start Free Trial’ at the bottom of the screen.

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Fastly, Square, other 2020 tech winners pushed down this week

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