Tesla released its Q3 earnings on Wednesday, slightly topping analysts’ expectations on earnings but short on revenue. The EV maker reported $21.45B in revenue, up ~56% YoY; automotive revenue rose 55% to $18.7B. Tesla’s energy generation and storage arm earned $1.1B. More: - Net income came in at $3.33B, or $0.95 a share, up from $1.66B reported same period last year.
- Tesla reiterated its full-year guidance, expecting to achieve 50% annual growth in vehicle deliveries.
- During the company’s earnings call, CEO Elon Musk said he could see Tesla being worth more than Apple and Saudi Aramco combined.
- As of Wednesday, Tesla had a market cap of $695.8B, while Apple’s was $2.31T and Saudi Aramco’s was $2.09T.
- Tesla shares fell more than 4% during extended trading on Wednesday; it closed at $222.04 a share.
- YTD, the company is down ~44.5%.
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Hong Kong unveiled a $3.8B fund with various incentives to encourage foreign businesses and individuals to return to the city following its strict COVID-19 shutdown policies. On Wednesday, the region’s chief executive, John Lee, announced various travel visa and tax concessions for skilled foreign and mainland Chinese workers. More: - In a policy address, Lee said the Hong Kong government would proactively trawl the world for talent.
- During the pandemic, about 140,000 people left Hong Kong, primarily foreigners who lived and worked there.
- Hong Kong has a population of roughly 7.5 million.
- Some of the incentives offered to foreigners include a cheaper way for long-term expatriates to buy homes in the city.
- Foreigners who buy a residential property in Hong Kong and become permanent residents are eligible for a refund on extra taxes paid on their first home.
- Hong Kong also launched a two-year visa that would allow foreigners with an annual salary of at least HK$2.5M (~US$320,000) or who have graduated from the world’s top 100 universities to work in the city without a previous job offer.
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Procter & Gamble released its fiscal Q1 2023 earnings on Wednesday, reporting a 1% increase in revenue YoY. The consumer products company reported $20.61B in net sales, slightly beating analysts’ expectations. Organic sales rose 7%, excluding the impact of the stronger U.S. dollar. More: - Net income came in at $3.94B, or $1.57 a share, down 4% YoY.
- P&G’s Beauty unit, which includes brands like Olay and Pantene, reported $3.96B in sales.
- Its Fabric & Home Care unit earned $7.08B, and Baby, Feminine & Family Care brought in $4.9B.
- P&G said about 2% of its volume declines were due to its smaller footprint in Russia.
- The company has stopped marketing and has reduced its product sales in Russia following the onset of the Russia-Ukraine war.
- Russia accounts for less than 2% of P&G’s global sales.
- P&G shares closed at $129.56, up less than 1% for the day.
- The company is down ~20.5% YTD.
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The Netherlands plans to exit the Energy Charter Treaty following the footsteps of Spain and Poland. The treaty was signed in the 1990s and was intended to protect energy investments by foreign companies and individuals in the EU region. More: - The Netherlands claims the treaty, which allows multinational firms to sue governments, undermines its plans to address climate change.
- Foreign investors can sue governments if they believe legislation or policy changes threaten their assets in the country.
- The treaty was meant to encourage foreign investment in Europe following the cold war; however, opponents of the pact say it has become an obstacle to addressing greenhouse gases produced by coal, oil, and gas projects.
- The treaty covers more than 50 countries, including those in the EU.
- Italy pulled out of the treaty in 2016, but a 20-year sunset clause still binds it.
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Nestle has agreed to buy Seattle’s Best Coffee from Starbucks. Neither party disclosed the terms of the deal. Seattle’s Best Coffee sells a range of packaged coffee in grocery stores, workplaces, universities, and hotels. The acquisition adds to Nestle’s growing coffee-focused empire. More: - Coffee products have recently been one of Nestle’s best-performing business units.
- In 2018, the Swiss company paid Starbucks $7B for the rights to sell Seattle’s Best Coffee products in groceries and other retail stores.
- Nestle also owns Blue Bottle Coffee and Chameleon Cold Brew.
- On Wednesday, Nestle released its nine-month sales figures, reporting total sales of $69.5B, up 9.2% YoY.
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United Airlines released its Q3 earnings on Tuesday, beating analysts' expectations on revenue and profits. The airline reported $12.9B in total operating revenue, up ~13% compared to 2019 levels. Net income was $942M, or $2.81 a share, down 8% compared to 2019. More: - United noted its Q3 revenue per available seat mile rose more than 25% compared to 2019.
- The airline said it plans to hire 15,000 workers this year and another 15,000 next year.
- United shares rose more than 5% in extended trading on Tuesday.
- It closed at $39.10 on Wednesday, up ~5% for the day.
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- U.K. inflation rose 10.1% in September compared to a year ago and from 9.9% reported in August. The Bank of England is expected to announce a large interest rate hike in November as the nation struggles to bring down inflation to its 2% target.
- President Biden has ordered officials to release 15 million oil barrels in December and develop a plan to replenish the decreasing U.S. emergency Strategic Petroleum Reserve (SPR).
- According to the Baltic Exchange, the daily freight cost to transport liquefied natural gas (LNG) hit a record high this week at $450,000, about six times the price at the beginning of this year.
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 |  | Vanessa Omeokachie is a writer for Inside.com; she writes the daily Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, traveling, and exploring. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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