Tech Q4 earnings

This week’s top hits

• Tesla reported Q4 revenue of $25.17 billion which missed expectations of $25.87 billion. Though, its revenue rose 3% from a year ago. Elon Musk said during the earnings call that “vehicle volume growth rate” may be notably lower in 2024 and will miss expectations of 2.19 million due to his team working on their next-generation low cost vehicle codenames “Redwood”.

• Netflix reported $8.8 billion in revenue in Q4 of 2023, beating analysts expectations of $8.72 billion. It had earnings of $2.11 per share. It also added 13.1 million new subscribers.

• Sam Altman (OpenAI) is in talks with Middle Eastern investors and Taiwanese semiconductor manufacturers to raise billions of dollars for an AI chip venture that would include the development of a global network of fabrication plants. This signals that his company is entering the chip business.

Earlier this week

• Elon Musk has secured $500 million in commitment for a new fundraising round with the goal of $1 billion for his AI startup xAI.

• Netflix has secured a $5 billion deal for the rights to stream W.W.E.’s flagship weekly wrestling show called Raw for 10 years.

• Fintech company Brex cuts 20% of its staff (282 people) amid reports of stalled growth and high burn rate of $17 million per month.

• Google Chrome is getting an infusion of AI tech that allows you to get help with writing things on the web, smartly organize your tabs, customize your theme, and more.

• Apple has announced that it’s pushing back the launch date for its long-rumored electric vehicle and scaled back its self-driving feature. It’s pushed back its launch from 2026 to 2028.

• Microsoft lays off 1,900 employees in its Activision Blizzard and Xbox divisions. This comes just three months after completing its $68.7 billion acquisition of the gaming company Activision Blizzard.