Tesla’s Q1 Earnings Beat, Apple Store Employees in Atlanta File for Union Election & Warner Bros. Discovery Shuts Down CNN+ 4/21/22

TechCheck

CNBC

Disruptors, Tech, Technology, Cnbc, Management, Business, Faang, Investing

4.5 • 66 Ratings

🗓️ 21 April 2022

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Our anchors begin today’s show breaking down Tesla’s Q1 earnings beat with Bernstein Senior Research Analyst Toni Sacconaghi. Then, Satori Fund Founder Dan Niles discusses Netflix on the heels of the streamer posting a decline in subscribers for the first time in more than a decade. Next, CNBC’s Mike Santoli weighs in on the durability of the big tech trade, and Worm Capital Director of Research Eric Markowitz offers his outlook for Tesla over the decade ahead. Later, CNBC’s Steve Kovach reports on Apple Store employees in Atlanta filing for a union election, and our Julia Boorstin covers news service CNN+ shutting down later this month after launching just three weeks ago.

Transcript

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0:00.0	I'm John Ford. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:07.0	Good Thursday morning. Welcome to Tech Check. I'm Dear Toboso with Carl Cantania. John has the day off.
0:11.9	Today, Tesla shares, they are rocketing higher up double digits. The bold bear debate on that stock.
0:17.5	And then speaking of Tesla, Elon Musk details the financing. He has for a Twitter
0:22.6	bid pressure on the board to respond now. More on that. Plus, the Netflix hangover. Akman flees.
0:28.6	Should you? Carl.
0:31.4	We're going to start the feet today with Tesla. Up sharply, of course, beating on the top and the
0:35.3	bottom line for Q1, record revenue, deliveries, and margins.
0:39.1	Elon Musk expressed high hopes for his Shanghai factory on the company's earnings call,
0:43.4	despite this year's COVID shutdowns. Take a listen.
0:47.7	Vehicle production in Q2 will be similar to Q1, maybe slightly lower, but it's also possible we may pull a rabbit out of the hat
0:55.7	and be slightly higher, but it's a big call it roughly on par. But then Q3 and Q4 will be
1:04.3	substantially higher. So it seems likely that we'll be able to produce over one and a half million cars this year.
1:17.2	Musk adding that he thinks Tesla has, quote, a reasonable shot at 60% growth in vehicle production year on year in 2022.
1:25.1	And for more on Tesla this morning, let's bring in Bernstein senior research
1:27.8	analyst Tony Saginaki talk about the quarter, the metrics, the call, Tony. But I guess most
1:33.5	importantly, the automotive margins, right? X credit. Yeah, good morning, Carl. It was a, it was a
1:41.7	terrific showing by Tesla. I think people were worried that ultimately margins would be pressured because of all the supply chain issues and inflation.
1:50.0	And Tesla was able to increase margins by about 1% or 100 basis points on a sequential basis.
1:58.0	So that was very reassuring. You know, Tesla's been able to do it through
2:02.7	several ways. They've been effectively raising price. And because they don't have dealers, they're
2:09.4	capturing those price increases, not a distribution partner. And, you know, they've done a very good
	...

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