Tesla Falls, Margin Miss
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 20 April 2023
⏱️ 12 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning. Today is Thursday, April 20th, and I'm your host Julie Morgan. |
| 0:12.0 | A margin miss for Tesla. |
| 0:14.0 | Somebody said that higher raw material, logistics, commodities, and warranty costs were to blame for the gross margin compression. |
| 0:20.0 | U.S. gold mining, a spin-out of Canada Gold Mining, kicks off trading today on the NASDAQ, ticker symbol US Geo. |
| 0:29.0 | Today is crypto Thursday, which means we're joined by our weekly contributor Mike Faye the leader of the |
| 0:34.6 | investing group blockchain reaction on seeking alpha he has three topics today one being |
| 0:40.5 | on Wednesday SEC Chairman Gary Gensler spent several hours in front of the House Financial Services |
| 0:46.2 | Committee. |
| 0:47.2 | One of the main takeaways from that hearing was that Gensler balked at repeated attempts |
| 0:51.0 | by the committee to get an answer on whether or not the SEC views |
| 0:54.4 | Ethereum as a security. |
| 0:57.1 | Our top story. |
| 0:58.6 | Tesla falls after lower pricing and high expenses contribute to a margin miss seeking |
| 1:04.0 | alpha associate news editor Kevin Curran has the story. Tesla shares look as |
| 1:08.8 | though they're headed for some deceleration on Thursday after an earnings |
| 1:12.0 | disappointment and the signal that more price cuts could be coming. |
| 1:15.6 | Tesla shares tumbled in Wednesday's extended session after a quarterly gross margin of 19.3% missed |
| 1:22.1 | consensus expectations by nearly 200 basis points. |
| 1:25.4 | Meanwhile, operating margin fell to 11.4% in the quarter from 19.2% in the comparable period of 2022. The company said that higher raw material, logistics, commodities, and warranty costs were to blame for the gross margin compression. |
| 1:40.0 | Of course Tesla is well publicized price cuts are also top of mind for investors and CEO Elon Musk did a little to a swage concerns during the earnings call |
| 1:48.6 | suggesting an ideological shift in how the automaker considers selling its vehicles. |
... |
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