Business

After-hours gainers: Tesla, IBM, ServiceNow, Levi


Tesla (TSLA)

The electric vehicle (EV) giant reported adjusted quarterly earnings of $1.19 versus analyst estimates of $1.12 per share. Revenue of $24.32 billion beat analysts’ estimates of $23.03 billion. Tesla’s auto gross margin was 25.9%, below expectations of 28.4%.

the company said Its Cybertruck model is on track to begin production later this year. Details are expected to be revealed on the investment date on March 1.

IBM (IBM)

IBM shares rose 2% after the company posted fourth-quarter revenue of $16.69 billion, slightly above analyst expectations. Adjusted earnings per share came in at $3.6, in line with the median analyst estimate.

The hybrid cloud and infrastructure company will cut about 3,900 jobs, or 1.5% of its workforce, according to an interview with Chief Financial Officer James Kavanaugh, reported by Bloomberg. IBM joins a host of technology companies that are cutting costs by cutting their workforce amid slowing economies around the world.

service now (CURRENTLY)

Shares of software company ServiceNow fell after subscription sales fell short of analyst expectations.

The company’s most recent quarter subscription revenue rose 22% to $1.86 billion, but fell short of analyst estimates of $1.89 billion. Even so, its subscription sales forecast for 2023 was better than expected.

The company’s fourth-quarter adjusted revenue was $2.03 billion, higher than estimates of $2.01 billion. Its adjusted revenue of $2.03 billion also beat expectations of $2.01 billion

The company vowed not to lay off employees by 2023, according to an interview with CEO Bill McDermott, reported by Bloomberg.

Levi Strauss (LEVI)

Levi Strauss adjusted earnings per share of 34 cents in the fourth quarter, beating the median analyst expectation of 29 cents.

Net sales of $1.59 billion were also slightly higher than the $1.57 billion Wall Street expected.

The denim company’s adjusted earnings per share forecast ranges from $1.30 to $1.40 to coincide with the $1.35 analysts estimate.

Harmit Singh, chief financial officer and growth officer, said: “We achieved strong results in 2022 thanks to our focus on execution and control of the business.

Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre

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