Tesla profits -44% YoY to $1.85B in Q3, even as revenues +9% to $23.35B
Bay Area Times
October 19, 2023
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Top stories today:
- Tesla profits -44% YoY to $1.85B in Q3, even as revenues +9%
- Netflix adds 8.8M subscribers, raises prices
- OpenAI in talks to sell employees’ shares at $86B valuation
- AI Foundation Model Transparency Index released
- Facebook announces broadcast channels
- Israel: Biden asks for restraint, offers $100M in Palestinian aid
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 close (4 PM ET / 1 PM PT).
All times are ET.
1. Tesla profits -44% YoY to $1.85B in Q3, even as revenues +9% to $23.35B
Operating margin continues to fall due to repeated price cuts:
Cyberdruck to start deliveries on Nov. 30
Montage of event invite.
Pricing to be announced shortly.
1M+ refundable reservations for the Cybertruck, 1st unveiled in 2019.
250K/year production expected in 2025. - Techcrunch, Tesla
Elon dodged a question about legal liability for Full Self-Driving cars. - The Verge
2. Netflix adds 8.8M subscribers (most since Q2 2020), raises prices
U.S.: basic plan from $9.99 to $11.99/mo, premium from $19.99 to $22.99/mo.
Revenue: $8.54B in Q3, +8%.
Net profit: $1.68B, +20%.
Total subscribers: 247.15M, +11% YoY.
Content spending expected at $13B in 2023, from a previous estimate of $17B. - WSJ, Netflix shareholder letter
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Their 2 main projects are Robust Mouse Rejuvenation and Transplants on Demand.
Your donation can literally save your life, or the life of your closed ones. - Learn more about the LEV Foundation.
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4. OpenAI in talks to sell employees’ shares at $86B valuation
$80B-$90B was the range recently reported.
Tender offer hasn't been finalized, terms could change. - Bloomberg
5. AI Foundation Model Transparency Index released by Stanford group
6. Facebook announces broadcast channels, after Meta, Whatsapp
Currently in test mode.
Coming weeks: expected rollout. - Techcrunch, Mark Zuckerberg
7. Israel: Biden promises support for Israel, offers $100M in Palestinian aid
Biden's speech asks Israel restraint in response to Hamas.
To deliver foreign policy address today at 8 PM ET.
$100B in Ukraine, Israel, border funding expected.
Gaza hospital explosion not caused by Israel: U.S. intelligence.
Jack Lew's confirmation hearing includes grilling about 2015 Iran deal.
UK PM Rishi Sunak lands in Israel.
4.03 new 8-year low for Shekel.
Meta to limit “potentially unwelcome” comments about Israel-Hamas.
Putin sends fighter jets with hypersonic missiles to patrol Black Sea.
100s arrested in pro-Palestinian protest on Capitol Hill.
8. 60/40 strategy +6.7% in 2023, after 2022's -17% was worst year since 1930s
9. Interesting videos, posts, and memes
10. Other headlines
AI
UK's AI summit (Nov. 1-2) to receive Chinese delegation.
International AI advisory group expected to be established.
Youtube working on tool for recording audio using voices of famous people.
Universal Music Group sues Anthropic for copyright infringement.
Tech
TSMC revenue -11% to $17.3B.
Gas shut down by Discord, 2nd time with co-founder Nikita Bier.
Driverless ride service in Japan to start in 2026: Honda, GM, Cruise JV.
Alphabet continues quiet layoffs, including in Google News.
Google to start manufacturing Pixel phones in india.
Nokia to cut up to 14K jobs (16%), profits -69% YoY to €133M in Q3.
Employment Hero raises $167M at $1.37B.
Amazon to start drone deliveries for Pharmacy, in UK, Italy in 2024.
Convoy, Uber for trucks, prepares for sale as it slashes most jobs.
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Tech & law
Beijing takes golden share control in Tencent.
Chinese chip makers’ domestic market share climbs from 36% to 62%.
U.S. electric grid to receive $3.5B investment from federal govt.
Sequoia Capital probed by House about China investments.
Clearview AI, self-scraping AI, wins appeal against UK privacy sanction.
Biotech
Intellia gets FDA OK for 1st Phase 3 CRISPR trial in U.S.
Ventricle Health, virtual cardiology clinic, raises $8M.
Gero raises $6M extension for AI-based drug development.
Paxlovid to cost $1,390, vs. $530 paid by U.S. govt.
Chan Zuckerberg's $250M NYC biohub to engineer immune cells.
Roche revenue -3% to $15.9B in Q3 as Covid sales fall.
Business
Crypto
SBF trial: accounting expert details misuse of funds.
Defense: “still working on whether [to] put a case.”
Digital euro to start 2-year “preparation phase” on Nov. 1.
Aptos resolves outage after 5 hours of being down.
Chainalysis: crypto use in terrorism overestimated.
U.S. politics
Jim Jordan loses 2nd House speaker vote as defections rise from 20 to 22.
Arrington, Hern, Johnson, McHenry, Emmer potential candidates.
Pro-Trump meme maker sentenced to 7 months for spreading voting falsehoods.
Romney considered ticket with Cruz to rival Trump: book.
Cornel West gets max donation ($3.3M) from GOP donor Harlan Crow.
Military obesity jumps from 10% in 2012 to 22% in 2022.
World
Russia detains U.S. journalist Alsu Murmasheva for failing to register.
Venezuela sanctions lifted by U.S. for 6 months.
Russia, North Korea foreign ministers meet.
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