Tesla (TSLA)

The electric vehicle (EV) giant reported adjusted quarterly earnings of $1.19 per share, compared to analyst estimates of $1.12. Sales of $24.32 billion beat analysts’ estimates of $23.03 billion. Tesla’s automotive gross margin of 25.9% came in below expectations of 28.4%.

The company says its Cybertruck model is on track to start 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 announced fourth-quarter revenue of $16.69 billion, slightly above analysts’ expectations. Adjusted earnings per share came in at $3.60, in line with average analyst estimates.

The hybrid cloud and infrastructure company will cut about 3,900 jobs, or 1.5% of its workforce, according to an interview with CFO James Kavanagh, reported by Bloomberg. IBM joins a number of tech companies that are cutting costs by reducing their workforces amid a slowing economy around the world.

service now (now)

Shares of software company ServiceNow fell after subscription sales fell short of analyst expectations.

Subscription revenue for the company’s latest quarter rose 22% to $1.86 billion, but came in shy of analyst estimates of $1.89 billion. Its subscription sales forecast 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

According to an interview with CEO Bill McDermott reported by Bloomberg, the company is promising to lay off employees in 2023.

Levi Strauss (LEVI)

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Levi Strauss’ 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 above the $1.57 billion expected by Wall Street.

The denim company’s earnings per share estimates range from $1.30 to $1.40, in line with analysts’ estimates of $1.35.

“We achieved strong results in 2022 by focusing on execution and controllability of the business,” said Chief Financial and Growth Officer, Harmeet Singh.

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

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