Stocks Arrive After Hours: Tesla, IBM, ServiceNow, Levi

You’re here (TSLA)

The electric vehicle (EV) giant reported adjusted quarterly earnings of $1.19 against analyst estimates of $1.12 per share. Sales of $24.32 billion beat analysts’ estimates of $23.03 billion. Tesla’s automotive gross margin of 25.9% was 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 (IBM)

IBM shares rose 2% after the company reported fourth-quarter revenue of $16.69 billion, slightly above analysts’ expectations. Adjusted earnings per share were $3.60, in line with analysts’ average estimate.

The hybrid cloud computing and infrastructure company will cut about 3,900 jobs, or 1.5% of its workforce, according to an interview with CFO James Kavanaugh, reported by Bloomberg. IBM joins a slew of tech companies cutting costs by downsizing amid slowing economies around the world.

ServiceNow (NOW)

Shares of software company ServiceNow are down after subscription sales fell below analysts’ expectations.

The company’s latest quarter subscription revenue rose 22% to $1.86 billion, but was below analyst estimates of $1.89 billion. Its subscription sales forecast for 2023, however, is better than expected.

The company’s fourth-quarter adjusted revenue of $2.03 billion beat estimates of $2.01 billion. Its adjusted revenue of $2.03 billion also beat expectations of $2.01 billion.

The company promises not to lay off any employees in 2023, according to an interview with CEO Bill McDermott, reported by Bloomberg.

Levi Strauss (LEVI)

Levi Strauss’ adjusted earnings per share of 34 cents for the fourth quarter beat analysts’ average expectation of 29 cents.

Net income of $1.59 billion was also slightly above 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 analysts’ estimate of $1.35.

“We delivered strong results in 2022 by focusing on execution and the controllable parts of the business,” said Harmit Singh, chief financial and growth officer.

Ines is a senior economics reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre

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