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Tesla posts surprise Q2 profit, ramping up cash despite coronavirus

2 months ago

Tesla (TSLA) posted a profit in the second quarter, defying Wall Street estimates after the electric car-maker delivered more vehicles than expected in the quarter despite virus-related disruptions.

Here were the main results from Tesla’s Q2 report, compared to consensus estimates compiled by Bloomberg:

Revenue: $6.04 billion vs. $5.4 billion expected vs. $6.35 billion Y/Y
GAAP earnings per share: 50 cents, vs. GAAP loss per share of $1.06 expected and GAAP loss per share of $2.31 Y/Y
Free cash flow: $418 million, vs. outflow $617.9 million expected

Tesla’s second-quarter results came on the heels of an incredible 280% stock rally for the year to date as investors bet on the company’s long-term prospects, with the coronavirus pandemic weighing more heavily on established auto competitors. The near-fourfold increase in Tesla’s stock made it the second-best performer in the Nasdaq 100 after Moderna (MRNA), and rocketed Tesla’s market

Business & Finance

This finance master class bundle is just $40

2 months ago

With lessons that are aimed at people with little to no background in finance or economics, this training bundle will act as your go-to resource for learning about both the basics and more in-depth elements of trading and investment strategies that are used by professionals every day.

There’s a course that offers a sweeping explanation of simple finance through lessons that focus on accounting principles, a course that will help you master the world of day trading through the application of detailed analysis, a course that will help you make more long-term investments in both the stock market and real estate, and more.

You’ll even learn how to develop detailed financial models that can predict future trends in multiple markets.

These top-rated courses are also designed to be beneficial regardless of how much money you have in the bank right now, and the examples provided are easy to apply directly

Business & Finance

Use Costume Supercenter Coupons to Get Discounts for Children Costumes

2 days ago Amanda T. Noriega

Little boys and girls have very lively imaginations and they usually demand costumes from their parents that can help them dress up like their favourite characters. Some children like to dress up like vampires and Dracula although others love to portray as superheroes and knights.

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Toddlers have rich creativeness and they genuinely love to wear costumes around the house. Get your toddler a costume with wings and a wand. If you want her to … Read More

Business & Finance

German finance company Wirecard files for insolvency amid accounting scandal

2 months ago Amanda T. Noriega

German financial technology company Wirecard is filing for insolvency after an accounting scandal that led to the arrest of its former chief executive earlier this week.

The payment systems provider said it would make the filing at a district court in Munich “due to impending insolvency and over-indebtedness”.

It added in a brief statement that it is evaluating whether insolvency applications also have to be filed for its subsidiaries.

Markus Braun resigned as CEO on Friday after the company said that auditors could not find accounts containing 1.9 billion euros (£1.69 billion).

On Monday, Wirecard said it had concluded that the money probably does not exist, and Braun turned himself in to prosecutors hours later.

Markus Braun is under investigation (Matthias Schrader/AP)

Braun was arrested on suspicion of market manipulation and inflating financial numbers, and later freed on bail

Adding to the damage to Germany’s corporate reputation was the reaction

Business & Finance

Germany to overhaul accounting regulation after Wirecard scandal

2 months ago Amanda T. Noriega

Markus Braun, former chief executive of Wirecard - Michael Daider /Reuters — Markus Braun, former chief executive of Wirecard – Michael Daider /Reuters

Germany’s accounting watchdog is set to be stripped of its powers in the wake of the Wirecard scandal.

The government will end its contract with the Financial Reporting Enforcement Panel (FREP) as soon as Monday, according to reports.

The job of overseeing company accounts will be taken on by Bafin, Germany’s financial regulator.

“We have reached an agreement with the Finance Ministry to terminate the contract,” a Justice Ministry official told the Bild am Sonntag newspaper

Germany has been rocked by the collapse of payments company Wirecard, which filed for insolvency last week after admitting that €1.9bn (£1.7bn) of cash on its balance sheet probably didn’t exist.

Markus Braun, chief executive of the Dax-listed company, resigned on June 19 and was then arrested on suspicion of accounting fraud and market manipulation.

German authorities are facing questions over

Business & Finance

EY and PwC face investigation over London Capital & Finance audits

2 months ago Amanda T. Noriega

Three auditors which signed off the books of collapsed savings firm London Capital & Finance (LCF) are being investigated by the accounting watchdog.

Big Four accountants EY and PwC and smaller rival Oliver Clive & Co will face questions from the Financial Reporting Council (FRC) over why no warning dachshund puppies for sale near me signs were spotted before LCF went bust last year, leaving 11,600 investors facing losses of up to £237m.

Administrators later found that customers’ money had been spent on a riding stables, a helicopter and what they termed “highly suspicious” property developments in the Cape Verde islands.

The three auditors signed off LCF’s accounts between 2015 and 2017. EY and PwC oversaw a set of annual results in 2016 and 2017 respectively, while London-based Oliver Clive audited the company for a month in April 2015.

The investigations will be conducted by the FRC’s enforcement division,

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Tesla posts surprise Q2 profit, ramping up cash despite coronavirus

This finance master class bundle is just $40

Use Costume Supercenter Coupons to Get Discounts for Children Costumes

German finance company Wirecard files for insolvency amid accounting scandal

Germany to overhaul accounting regulation after Wirecard scandal

EY and PwC face investigation over London Capital & Finance audits

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