The company's shares were the most traded in the pre-market period as slowing demand and growth concerns risked Tesla losing its position among the Magnificent Seven.
Tesla delivered 386,810 vehicles globally from January to March, nearly 9% less than the 423,000 delivered in the same period last year. This is the first time in about four years that quarterly sales have decreased compared to the same period last year.
Wedbush Securities analyst Dan Ives called the update “an unmitigated disaster…hard to explain.”
Elon Musk's company said the drop in production was due in part to preparatory work at its Fremont, Calif., factory in preparation for increased production of the new Model 3, and the closure of its Berlin factory due to shipping diversions caused by the Red Sea conflict and arson. He said that. In early March.
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Tesla shares have fallen nearly 30% since the beginning of the year, and closed 4.9% lower on Tuesday.
“So, Tesla, we've been hearing for some time that you could potentially benefit from MagSeven. And the stock price is now down more than 30% year-to-date and down 20% year-over-year. Investors don't seem to have a lot of confidence in this company,” said Yahoo Finance reporter Alexandra Canal.
Intel shares rose 4% in after-hours trading after the foundry division revealed a loss of $7bn (£4.13bn) in 2023, widening from a loss of $5.2bn in 2020. It fell more than that.
This is the first time Intel has revealed the total revenue from its foundry business alone. Historically, Intel has not only designed its own chips, but also manufactured them in-house and reported final chip sales to investors.
The segment's sales in 2023 were $18.9 billion, down 31% from $27.49 billion a year earlier.
The company expects losses to peak in 2024 and Intel Foundry to be profitable at an operating level “sometime between now and the end of 2030.”
“In the post-EUV era, we believe we are highly competitive on price, performance and leadership,” said CEO Pat Gelsinger.
Disney (DIS)
Disney stock is falling as the company enters the final stages of a proxy fight, with the deadline for shareholder voting to be announced at its annual shareholder meeting later this Wednesday.
Nelson Peltz, the activist investor trying to force change at Walt Disney Co., is likely to lose his battle with CEO Bob Iger.
Officials told Reuters that enough votes had been cast on Tuesday night to give Disney's board a safe lead over the challengers.
Institutional investors Vanguard, BlackRock, and State Street are Disney's three largest shareholders. According to the Wall Street Journal, BlackRock voted in favor of the company's current board of directors.
Vanguard also voted to uphold the existing board, Reuters reported. State Street's location is still unknown.
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Mr. Peltz's Trian Partners has nominated two candidates for Disney's board, but is embroiled in a debate over how much profit Disney should make from its rich intellectual property and theme parks.
Peltz said the company needs to generate more free cash flow. Iger says he's already back on track.
Low-cost carrier Ryanair, which operates more than 77,000 flights, reported an 8% increase in traffic in March.
The Irish low-cost airline announced it carried 13.6 million passengers in the month, up from 12.6 million in March 2023. The load factor, or the number of seats filled on each flight, remained at 93%.
On a rolling 12-month basis, passenger numbers rose 9% to 183.7 million, and load factor rose to 94%.
The airline operates more than 77,000 flights, with 950 canceled due to the Israeli-Hamas war.
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