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slash Wall Street.

Here's your TMB Tech Minute for Tuesday, April 23rd. I'm Alex Ocala for the Wall Street Journal.

Tesla has reported a sharp drop in first quarter earnings. The car company

reported net income of 1.1 billion dollars for the January to March period, down 55% from the year prior.

Revenue fell 9% to 21.3 billion dollars. The company is in a precarious position as its vehicle sales fall, demand cools for electric vehicles industry-wide, and CEO Elon Musk places greater emphasis on developing a fully autonomous car.

We exclusively report that IBM on developing a fully autonomous car.

We exclusively report that IBM is nearing an acquisition of cloud software provider

Hashi Corp.

San Francisco-based Hashi Corp makes software that helps companies set up their infrastructure in the cloud.

A deal for Hashi Corp could come together in the coming days,

according to people familiar with the matter.

The takeover could value Hashi Corp at a premium to its market value of 4.9 billion dollars. It's still possible the talks may not result in a transaction.

And Swedish telecommunications equipment company Ericsson has laid off 240 employees in China.

A spokesman said the employees impacted would be in its core network R&D division in China.

In March, the company told employees at an internal meeting that it was embarking on a transformation of its China operations that would continue into 2025.

Ericsson has plans to reduce head count further in the coming months, people familiar with the company said.

For a deeper dive into what's happening in tech, check out Wednesday's Tech News Briefing

Podcast.