Tesla’s $23m bitcoin impairment leads to knock-on effect across cryptocurrencies Cryptocurrencies lost ground after spike in momentum as e-commerce giant Amazon denied speculation that it planned to develop its own token, causing a sea of red across the board. “Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,” said an Amazon spokesperson, following a report which also suggested the firm was planning to accept cryptocurrencies such as bitcoin as payment for products.
BITCOIN'S price is jumping again after Elon Musk said that Tesla will "most likely" resume accepting the cryptocurrency as a form of payment. But, Musk's comments continue to come with a major proviso - clean energy usage by Bitcoin miners must be "confirmed", he warned.
(Reuters) - Australian miner Jervois Mining said on Tuesday it would buy Finland-based Freeport Cobalt for $160 million in a deal that could make it the second largest cobalt producer outside China. The miner said the acquisition would be funded through an A$313 million ($230.90 million) underwritten equity raising, with Jervois' largest shareholder, AustralianSuper, committing to invest about A$50 million.
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A global shortfall of semiconductors has affected the Tesla supply chain as well as car manufacturers across the world Tesla made a profit of more than $1bn in the last three months even as it struggled to keep up with demand for electric cars in the face of a global chip shortage.
The electric car maker enjoyed better than expected results despite the impact of global supply chain challenges - and the provision of $176m for a likely performance-based payout to boss Elon Musk. Tesla has shrugged off the global chip shortage to notch up quarterly profits of more than $1bn for the first time.
The car company earned $1.1 billion, or $1.02 per share, in the April-June period The news, announced Monday, was 10 times its profit at the same time last year Revenue nearly doubled from last year to about $12 billion in 2021 Tesla now boasts a market value of roughly $630 billion - 14 times its 2019 value
Tesla has reported surging profits, despite shortages of semiconductor chips and congestion at ports hampering production. Sales rose to $12bn (£8.6bn) in the three months to the end of June, up from $6bn a year ago, when its US factory was shut down.
Tesla said its production is still threatened by parts shortages from global supply chain constraints. Tesla this afternoon reported Q2 revenue and profit that were sharply above Wall Street's expectations. The report follows Tesla's announcement July 2nd of automobile deliveries that fell short of the highest expectations.
Hyunjoo Jin and Akanksha Rana (Reuters) -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to higher sales of its less-expensive electric vehicles, as it raised vehicle prices and cut costs. Tesla CEO Elon Musk, however, said a global chip shortage that led to temporary factory shutdowns for the automaker, remains serious, and offered no details on the timing of its Cybertruck and next-generation batteries.
July 26(Adds shares, background) (Reuters) - Electric carmaker Tesla Inc on Monday beat Wall Street expectations for second-quarter revenue on the back of record deliveries, despite the impact from a prolonged global shortage of chips and raw materials. Shares of the world's most valuable automaker were up 1.3% in extended trade.
* Apple, Alphabet, Amazon, Microsoft results due this week * Tesla results awaited (Updates to close) NEW YORK, July 26 (Reuters) - The S&P 500 edged higher and eked out another record closing high on Monday, bolstered by optimism over earnings with heavyweight technology names reporting this week, while caution ahead of a policy meeting by the Federal Reserve kept the market in check.
Ambar Warrick and Shashank Nayar * Apple, Alphabet and Microsoft report earnings this week * Hasbro rises on strong results, Tesla awaited * AON up, Willis down after $30 bln merger falls through * Indexes: Dow down 0.13%, S&P flat, Nasdaq down 0.08% (Updates to market open)
July 26 (Reuters) - Tesla Inc (TSLA.O) posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them. Tesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.