Hey everybody Rob Maower here and today we are going through earnings reports as we are in the thick of earnings season right now we had the

tech giants report after hours today strong results from Apple Facebook

Amazon and Google so the markets are up after hours. Tesla participating in those

gains a little bit in the after-hour session up 1%, but we continue to be stuck around $1,500 per share.

I want to touch on Apple because I think it will give helpful context for the numbers that we're going to go through with the automakers here later on, but

Apple's revenue for the quarter was actually up 11 percent, and even on product revenue,

so excluding the services piece, they were up 10%.

Apple is of course benefiting a bit from the work from home trend and they did credit that

on the call, but they definitely had difficulties throughout the quarter with store closures

and things like that.

So with these results it wouldn't surprise me to see them

potentially shift their retail strategy and maybe put less emphasis on a

physical storefront going forward and I'm sure they're looking very closely at the

operating leverage that they managed to generate this quarter with those stores being closed.

It's a bit reminiscent of Tesla's decision last year to announce that they would be closing a significant portion of their stores and moving sales to online only.

Then a few weeks later revising that to closing only about half of the original announced

stores. But as a secondary effect of the impact of the pandemic, I'm sure a lot of companies

are starting to get visibility now to just

how efficient they could be without those physical locations whether that's a storefront or an

office building and that's going to lead to some long lasting changes that impact not only the companies that are making those decisions,

but the companies that have physical locations around them as well.

I used to work in corporate retail and that definitely played out in terms of mall foot traffic so department

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