Stocks moving in after hours: Tesla, IBM, ServiceNow, Levi
The electric vehicle (EV) giant reported adjusted quarterly earnings of $1.19 versus analyst estimates of $1.12 per share. Sales of $24.32 billion beat analyst estimates of $23.03 billion. Tesla's automotive gross margin of 25.9% came in below expectations of 28.4%.
The company said its Cybertruck model is on track to begin production later this year. More details are expected to be revealed at its investor day on March 1.
IBM shares rose 2% after the company announced fourth-quarter revenue of $16.69 billion, slightly above analyst expectations. Adjusted earnings per share came in at $3.60, in line with the average analyst estimate.
The hybrid cloud and infrastructure company will be cutting about 3,900 jobs, or 1.5% of its workforce, according to an interview given by CFO James Kavanaugh, reported by Bloomberg. IBM joins a slew of tech companies which are cutting costs by slashing its workforce amid slowing economies around the world.
Shares of the software company ServiceNow are down after subscription sales came in below analyst expectations.
Subscription revenue for the company's latest quarter increased 22% to $1.86 billion, but came in shy of analyst estimates of $1.89 billion. Its subscription sales forecast though for 2023 came in better than expected.
The company's fourth quarter adjusted revenue of $2.03 billion came in above estimates of $2.01 billion. Its adjusted revenue of $2.03 billion also beat expectations of $2.01B
The company is vowing not to lay off employees in 2023, according to an interview by CEO Bill McDermott, reported by Bloomberg.
Levi Strauss (LEVI)
Levi Strauss's adjusted earnings per share of 34 cents for the fourth quarter beat the average analyst expectation of 29 cents.
Net revenue of $1.59 billion also came in slightly higher than the $1.57 billion expected by Wall Street.
The denim company's adjusted earnings per share forecast range of $1.30 to $1.40 coincides with the $1.35 estimated by analysts.
"We achieved strong results in 2022 by focusing on execution and the controllables of the business," said chief financial and growth officer, Harmit Singh.
Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre
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