Tesla posts surprise Q2 profit, ramping up cash despite coronavirus

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

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German ministers face grilling over Wirecard collapse

Frankfurt am Main (AFP) – Germany’s finance and economy ministers will be grilled by lawmakers on Wednesday about the massive fraud scandal that brought down payments provider Wirecard, amid criticism that authorities failed to act on early warning signs.

Wirecard filed for insolvency last month after admitting that 1.9 billion euros ($2.2 billion) missing from its accounts did not exist.

Former CEO Markus Braun book profits has been arrested on suspicion of falsifying accounts and market manipulation.

The Wirecard revelations have stunned Germany, drawing comparisons with the Enron accounting scandal in the United States almost two decades ago.

Germany’s parliamentary finance committee has asked Finance Minister Olaf Scholz and Economy Minister Peter Altmaier to attend a closed door special hearing to shed light on the saga from 1400 GMT.

Questions are likely to focus on when exactly government officials and regulators learned of accounting irregularities at Wirecard, and if there

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Wirecard’s former CEO Markus Braun arrested over finance scandal

Markus Braun, former CEO of Wirecard, stands accused of market manipulation. (Peter Kneffel/picture alliance via Getty Images)
Markus Braun, former CEO of Wirecard, stands accused of market manipulation. (Peter Kneffel/picture alliance via Getty Images)

Markus Braun, who resigned as chief executive of Wirecard (WDI.DE) last week, has been detained in Bavaria in connection with the balance-sheet scandal at the troubled German payments company.

The prosecutor’s office in Munich said Braun turned himself in on Monday evening and would appear before a judge today, who will decide on whether or not to keep him in custody.

Braun, an Austrian, is being accused of inflating Wirecard’s total assets and sales volume “through feigned income from business” in order to make the company more attractive to investors and customers.

Wirecard was plunged into crisis last week after auditors EY refused to sign off on the company’s 2019 accounts, saying they could not verify the existence of €1.9bn (£1.7bn, $2.1bn) Wirecard claimed to hold in trust accounts overseas.

Braun

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Biden Incorrectly Says No One Lost Insurance coverage Underneath Obamacare

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What Options Do You Have If You Want to Start Investing in Stocks?

What are stocks? Why invest in them? Is it essential to think about putting resources into stocks for cash on the board?

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Frequently Asked Questions by a New Investor in Cryptocurrencies

The questions that arise in a new investor’s mind depend upon the level of one’s general knowledge and what one expects from the market. The fact that one has chosen this investment mode of investment implies that one has made some preliminary studies. The essential motive of an investor is to make as many profits as quickly as possible. Some of the investor’s questions and their possible solutions are:

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Expertise

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