Tesla shrugged off a $23 million bitcoin loss last quarter: Trendy News After Hours

Today tesla takes a 23 million hit from bitcoin we dive into the company’s second quarter earnings plus speaking of bitcoin its recent rally might be thanks to amazon we’ll explain why and finally the barbecue business is heating up as some of the biggest brands announce ipos i’m mackenzie sagalos and this is cnbc after hours stocks fell for the first time in six days the nasdaq was the worst performing index as investors wait and see what will happen with big tech earnings now we did get a look at three of those big tech names today alphabet microsoft and apple all of them brought in more money than wall street was expecting google saw advertising revenue jumped nearly 70 since last year for microsoft windows revenue actually fell three percent and for apple it sold nearly 40 billion dollars worth of iphones but this is just scratching the surface of those earnings you can read all about them at cnbc.com we also need to talk about tesla’s earnings now although the stock fell today the company actually shared some positive numbers like the fact that it had its first quarter with a billion dollars in income but on the crypto front the news wasn’t as good the company reported a 23 million hit from bitcoin our tech reporter laura kolodny can walk us through the data and what investors are watching next tesla reported a great second quarter it was the first time that their net income surpassed a billion dollars they did this by cutting a lot of costs and to the bulls that’s the idea.

That their products are software defined they can make shifts in other ways that other automakers wouldn’t even try replacing the semi-conductors and some of their cards with different ones rewriting the programming to allow that and removing radar from their vehicles in north america previously they had sold bitcoin and it really contributed to their profits uh that wasn’t the case this quarter this second quarter they recorded a 23 million dollar impairment uh that means they lost some money on their remaining bitcoin holdings there’s no regulation of cryptocurrency in the united states that requires companies to disclose each purchase or sale of cryptocurrency whether that’s bitcoin or something else more experimental like dogecoin and so we don’t know a lot about what they’re doing you know when are they buying when are they trading how much money are they making we don’t really know once a quarter we get to see if it contributed to the bottom line or detracted there were a lot of questions about the second quarter after tesla weathered a number of recalls in the united states and china this consumer and pr backlash in china we’re seeing all these trade tensions that are just stressing the supply chain for every hardware and automaker and to see tesla whether that i think we’ll give reassurances to the to the bulls that they’re still right side of the trade i think critics of tesla are still wondering can they make margins like this sustainably okay let’s get to today’s numbers round we’ll start with 40 000. tesla might have made back some of the money that it lost in bitcoin last quarter thanks to the digital currency’s latest rally now on monday bitcoin prices crossed the 40 000 mark for the first time since june and the jump could be because of a news report claiming that amazon was considering accepting crypto as a form of payment.

Now amazon ended up denying the claim but it did say that it was still interested in cryptocurrency next 19. we got some new data from the housing market and it looks like the real estate boom might be fizzling out sales of new homes in june fell 19 from a year ago builders are cancelling new projects to avoid sky-high material costs and buyers they just can’t afford the homes that are for sale prices jumped 16 in the last year prospective buyers would rather keep the home they already have and finally 960 million one space that is heating up is the barbecue grill business big brands like weber and traeger filed to go public this month an online barbecue store barbecueguys.com is going public bias back the deal values the company at more than 960 million dollars weber well it actually generated 960 million dollars

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Muddasir Harry

Muddasir Harry is a News journalist in a news media organization, that shares all the latest news across the world.
also, write a blog post on some important topics that are needed in daily life.

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