Tag: Company Reports

HSBC Shareholders Defeat Ping An-Backed Measures

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Shareholders in HSBC, the European financial giant, voted on Friday to reject an investor proposal meant to pressure the bank into breaking off its lucrative Asian operations. That initiative — backed by HSBC’s largest investor, the sprawling Chinese insurer Ping An — received only about 20 percent of the votes, the company said. A companion proposal backed Ping An, to restore the bank’s dividend to prepandemic levels, was also defeated. The vote was a show of support for HSBC’s management, which had urged shareholders to vote no. It was announced…

Born in Asia but Based in Britain, HSBC Fights to Stay in One Piece

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For many investors, HSBC, Europe’s largest lender with a venerable place in Britain’s banking industry, offers little to critique: It is performing well and has focused on its most profitable and fastest-growing operations, those in Asia. But for the firm’s largest investor, the sprawling Chinese insurance giant Ping An, that isn’t enough. Over the past year, Ping An has waged a campaign to convince HSBC to spin off its Hong Kong-based operations in some way, cracking open the bank’s global empire to improve its financial performance. It’s a move that…

Tesla’s Profit Dropped Sharply in First Quarter as It Cut Prices

Chin@Strategy

Tesla’s profit fell sharply in the first three months of the year after it cut the prices of its electric vehicles, the company said on Wednesday. The carmaker, led by Elon Musk, said it had made $2.5 billion in the first quarter, a drop from $3.7 billion in the last three months of last year and $3.3 billion in the first quarter of 2022. Tesla sold more electric cars in the United States last year than all its competitors combined. But its market share slipped as traditional carmakers like General…

Tesla Offers a New ‘Master Plan’ but Few Big Revelations

Chin@Strategy

Tesla said on Wednesday that it would build a factory in Mexico to manufacture an electric vehicle that would be significantly more affordable than any of the cars it sold now. But the company disappointed investors who were expecting it to make big announcements about new products and strategies. Shareholders and analysts had expected Tesla to reveal information that would clarify how the company would retain its crown as the world’s dominant maker of electric vehicles in the face of energetic competition from established carmakers and relatively younger Chinese manufacturers.…

Tesla’s Profit Jumped 12% in Fourth Quarter

Chin@Strategy

Tesla said Wednesday that profit in the fourth quarter of 2022 rose 12 percent from the previous quarter, above Wall Street expectations, capping a tumultuous year that included intensifying competition, supply chain disruptions and concerns about the behavior of its chief executive, Elon Musk. Net profit for the quarter was $3.7 billion, up from $3.3 billion in the third quarter, Tesla said. For the full year, Tesla’s profit more than doubled to $12.6 billion from $5.5 billion in 2021. Sales for the year, including revenue from solar panels and other…

Tesla Car Sales Rose 18% in Last Quarter

Chin@Strategy

Tesla said Monday that it delivered 405,000 electric cars during the last three months of the year, an 18 percent increase from the previous quarter that fell short of analyst estimates and may reinforce investor fears that the electric car company is losing momentum. Wall Street analysts had predicted that Tesla would sell around 420,000 vehicles from October through December, up from 343,000 vehicles in the third quarter. The company sold a total of 1.3 million cars in 2022, a 40 percent increase from the year before. That was short…

Chip Makers, Once in High Demand, Confront Sudden Challenges

Chin@Strategy

A few months ago, makers of computer chips seemed on top of the world. Customers could not get enough of the small slices of silicon, which act as the brains of computers and are needed in just about every device with an on-off switch. Demand was so strong — and U.S. dependence on a foreign manufacturer so worrying — that Democrats and Republicans agreed in July on a $52 billion subsidy package that included grants to build new chip factories in America. U.S. chip makers such as Intel, Micron Technology,…

Apple Earnings: iPhone Powers Growth, but Signs Point to a Slowdown

Chin@Strategy

When Apple released the 16th version of its iPhone in September, some tech reviewers described it as an incremental improvement over earlier models. Apple’s customers didn’t care. They bought the new iPhone 14 in droves. On Thursday, the world’s most valuable company said that strong demand for iPhones helped it increase total revenue by 8 percent to $90.1 billion for the three months that ended in September, bringing an end to a fiscal year in which it posted sales gains every quarter. The company reported that profits rose nearly 1…

Tesla Cuts Prices in China in Sign of Slowing Demand

Chin@Strategy

Tesla on Monday cut prices for its cars in China, a sign of intensifying competition in the world’s largest car market that provoked a slump in the company’s shares. Tesla’s Chinese website was offering the Model 3 sedan on Monday for a starting price of 265,900 renminbi, or $36,600, including government subsidies, a 5 percent reduction. The Model Y sport utility vehicle was advertised at 288,900 renminbi, a 9 percent cut. Tesla shares fell more than 6 percent before recovering a little as the price cuts reinforced fears among investors…