In contrast, Tesla's Q4 profits and revenue fell short of estimates, with vehicle sales rising only 1% year-over-year. The company's adjusted earnings were 71 cents per share, below expectations of 74 cents, and revenue was $25.17 billion, below the expected $25.6 billion. Tesla attributed the sluggish auto sales growth to lower vehicle average selling prices after global price cuts. Despite these challenges, Tesla delivered 484,507 vehicles in Q4 and over 1.8 million in 2023.
Key takeaways:
- Microsoft briefly exceeded a market capitalization of $3 trillion during Wednesday's intraday trading, with shares climbing almost 7% year to date, largely due to investor confidence in its artificial intelligence efforts.
- Apple recovered the top spot on Wednesday with a $3.01 trillion market worth, despite slowing iPhone demand, particularly in China.
- Microsoft is expected to announce record profits of $61 billion in revenues on Jan. 30, with its generative AI strength predicted to surpass estimates.
- Tesla's Q4 profits and revenue were below estimates, with vehicle sales rising only 1% year-over-year, and the company anticipates potentially lower vehicle volume growth in 2024 as it focuses on launching its 'next-generation vehicle'.