Stock Take 26/04/2021

Tesla with a significant jump in sales and profits

Tesla posted notable gains in both revenue and earnings in its first fiscal quarter. Tesla earned $0.93 per share in the first quarter, up from $0.248 per share a year earlier. This was more than analysts had expected, the consensus being 0.750 US dollars per share.

Simultaneously, the electric carmaker posted sales of 10.389 billion US dollars; analysts had previously expected 10.48 billion US dollars. Compared to the first quarter of the previous year, when sales amounted to 5.99 billion US dollars, the company improved significantly.

In the after-hours trading, Tesla shares on the NASDAQ nevertheless fell by 1.95 per cent to 723.88 US dollars despite the strong figures.

Netflix Oscar-worthy

Netflix productions won seven Oscars at the 93rd Academy Awards – but not in the main categories. The awards included two Oscars for the Hollywood homage “Mank” (Cinematography and Production Design) and two for the drama “Ma Rainey’s Black Bottom” (Costume Design and Makeup/Hair). Oscars were also won by the documentary “My Octopus Teacher” and the short films “Two Distant Strangers” and “If Anything Happens I Love You”. However, Netflix entered the race with significantly more nominations (36). In Germany, some of the winners can also be seen on other streaming portals: For example, “Sound of Metal” on Amazon Prime or “Soul” on Disney+.

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Netflix shares moved into positive territory and are currently 0.36 per cent higher at 507.37 US dollars.

Lyft sells robot car division to Toyota subsidiary

Ride-hailing service Lyft is giving up the development of its own robotic car technology. The division, called Level 5, will be sold to a subsidiary of Toyota for 550 million dollars, the companies announced on Monday. Lyft’s major competitor Uber had already pulled out of developing its autonomous driving technology last year. Lyft co-founder John Zimmer stressed that the cost reduction of around 100 million dollars a year would enable the company to reach the profit zone in its operating business more quickly.

In recent months, the cull among developers of self-driving cars had already accelerated: GM’s Cruise acquired competitor Voyage, which provided robotic taxi services to several senior living communities in the US. The start-up Zoox was bought by Amazon, the Uber division went to the robot car company Aurora.

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Michelin posts profits again

The French tyre manufacturer Michelin did more business in the first quarter thanks to the global market recovery. Sales climbed by 2.3 per cent year-on-year to 5.45 billion euros, as the Continental competitor announced in Clermont-Ferrand on Monday after the stock exchange closed. The strong euro burdened growth by six percentage points. With organic growth of 8.3 per cent, Michelin performed less strongly than Conti – the DAX-listed company had reported organic growth of 11.7 per cent in its tyre and plastics division before the weekend. 

However, Michelin met experts’ expectations with the revenue achieved.

A year ago, the outbreak of the Corona pandemic almost paralysed economic life in China and then spread to Europe at the end of the first quarter. The markets for passenger cars and light commercial vehicles now grew by 9 per cent compared to the same quarter last year but were still slightly weaker than the corresponding period in 2019 before the crisis. For heavy commercial vehicles, demand between January and March was up by as much as 20 per cent, returning to pre-crisis 2019 levels.

Michelin confirmed its forecast for the year. As is customary in France, the group only reports key profit figures every six months.

Sixt posts another quarterly loss

Car rental company Sixt continued to suffer from the restrictions in the Corona crisis in the first quarter. Group operating revenues fell by almost a third year-on-year to 328 million euros, as the SDAX-listed group announced on Monday based on preliminary figures in Pullach near Munich. Before taxes, Sixt SE St recorded a loss of around 14 million euros. A year earlier, the continuing business had posted a loss of a good 5 million euros.

Towards the end of the first quarter, the car rental company recorded a noticeable improvement thanks to business in the USA in particular and also in other European countries. Turnover in March was at the previous year’s level, and a pre-tax profit was achieved in the month. Nevertheless, uncertainties remain very high, and the management is still unable to make a forecast. The Sixt ordinary share hardly reacted after the announcement of the figures and was up a good 2 per cent. Sixt plans to present its total quarterly results on May 12.

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By the end of XETRA trading on Monday, Sixt shares were up 1.43 per cent at 113.40 euros.

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