Plus, new TikTok ban bill passes House committee.
| Part of  Network | |
 Presented by  |
Salesforce shares jumped more than 16% during extended trading on Wednesday after the company reported better-than-expected Q4 and full fiscal 2023 results. The company reported Q4 revenue of $8.38B, up 14% YoY. Revenue from "subscriptions and support," which includes Slack, was $7.79B, up from $6.83B reported in the prior year. More: - Revenue from "professional services and other" was $595M, up from $498M reported last year.
- Salesforce reported a net loss of $98M for the quarter, from a net loss of $28M reported last year.
- EPS was negative 10 cents.
- For the full fiscal 2023, the company reported a net income of $208M, down from the $1.44B reported in fiscal 2022.
- Salesforce earned $31.35B in revenue for the entire fiscal year, up from $26.49B reported in FY2022.
- Salesforce shares closed at $167.35 on Wednesday, up ~2.3%.
| |
Tesla held its Investor Day on Wednesday in Austin, Texas, where the EV company unveiled its "Master Plan 3." During the presentation, various Tesla executives joined CEO Elon Musk as the company shared its vision of creating more sustainable energy sources. The presentation was short on specifics regarding any new Tesla models or services. More: - Musk and Tesla's senior vice president of powertrain and energy engineering, Drew Baglino, discussed Tesla's role in re-powering the grid with renewable fuels.
- Tesla aims to produce 20 million electric vehicles annually by 2030.
- Tesla delivered about 1.31 million vehicles in 2022.
- Tesla's powertrain vice president, Colin Campbell, said the company is working on a new drive unit compatible with any battery cell type.
- Tesla is also developing a motor that will be built without rare earth metals.
- On Tuesday, Mexican President Andres Manuel Lopez Obrador announced that Tesla plans to build a new plant in Monterrey, Mexico.
- He said Tesla agreed to use recycled water and take other initiatives to cope with water scarcity in the region.
- Tesla shares fell more than 5% during extended trading on Wednesday following the company's Investor Day presentation.
| |
 A message from ASSEMBLYAI How Jiminny leverages AI for conversation intelligence Jiminny, a leading Revenue Intelligence and Sales Engagement platform unlocks your Sales team's potential to drive revenue through conversation intelligence–and they’re doing it seamlessly with AI.
Join Tom Lavery, CEO & Founder, Jiminny and Mısra Turp, Developer Educator, AssemblyAI for a conversation on how Jiminny thinks about building AI-powered features like Transcription and Speaker Labels into their product to power the success of its customers.
In this webinar, you will learn: - How Jiminny leverages AI to gain market share
- Why transcription accuracy is so important
- The impact of AI-powered features like Transcription and Speaker Labels
Can’t make it? Register anyway and we'll send you the recording. Register for Free
| |
Eli Lilly plans to cut the prices of its diabetes treatment products by 70% and take other steps to make it easier for patients to afford the drugs. The company said the price cuts would take effect in Q4 for Humalog and Humulin, its two biggest-selling insulin products. More: - Eli Lilly said it would cut the list price of its unbranded insulin product from $82 a vial to $25.
- The company also said it plans to improve a program capping patients' out-of-pocket costs at $35 a month.
- The moves come as the company has faced mounting pressure to cut the prices of its diabetes-treatment products.
- The American Diabetes Association praised Lilly for its moves and encouraged other insulin manufacturers to do the same.
- President Joe Biden also commended Eli Lilly for the price cuts and asked other manufacturers to follow suit.
- Biden called on Congress to cap the price at $35 a month for everyone during his State of the Union address last month.
| |
Bridgewater Associates plans to cut about 100 jobs and set an investment cap for its flagship Pure Alpha fund. The hedge fund said it would stop accepting new money into its Pure Alpha fund once it hits a certain size in order to react more quickly to shifting markets. More: - In a memo sent to employees and clients, CEO Nir Bar Dea said the firm needs to cut costs, free up resources, and restructure.
- Bar Dea said the company would invest heavily in artificial intelligence and machine learning, expand in Asia, and increase its sustainability and long-only equity investing business.
- The new cap will be 20% to 30% below its peak size of $100B.
- The fund gained 32% in H1 2022 but fell in H2 2022, ending the year with a 9.5% gain.
| |
Delta Air Lines has signed a new contract with its pilots that bumps pay by 34% over four years. The Air Line Pilots Association (ALPA), the union representing Delta pilots, said 78% of Delta’s pilots ratified the agreement. Delta employs about 15,000 pilots. More: - The new agreement runs through December 2026 and positions Delta as the industry leader in total compensation and work-rule improvements.
- The pay increases will total more than $7B over the term of the agreement.
- According to the union, the agreement also improves vacation and other benefits.
- Delta began negotiations with its pilots in 2019 and entered federal mediation in 2020.
- Negotiations were paused during the COVID-19 pandemic.
- American Airlines is also negotiating with its pilots and hopes to reach an agreement soon.
| |
Thousands of Twitter users reported problems with the social media platform early Wednesday. According to Downdetector, a website that tracks service disruptions, about 10,000 Twitter users reported experiencing the outage. More: - The disruptions came days after Twitter announced another round of layoffs over the weekend.
- Some users in the U.S. and other countries reported seeing a “Welcome to Twitter!” message when logging into the site on Wednesday instead of the usual timeline.
- The outage did not affect users’ ability to send tweets, and soon the hashtag #TwitterDown was trending on the platform.
- The disruptions were mostly fixed by late Wednesday morning.
| |
Quick Hits - Get Gusto, the #1 payroll software according to PCMag. Set up your free account and get 25% off for the first 6 months when you run payroll by May 31, 2023. Terms apply.*
- Chinese state-run media People's Daily warned Tesla CEO Elon Musk after he shared reporting on the U.S. Department of Energy's "low confidence" assessment that the global COVID-19 pandemic originated in a Wuhan laboratory.
- The Senate voted to overturn a Labor Department rule that permits fiduciary retirement fund managers to consider ESG factors in their investment strategies. President Biden said on Monday that he would veto the Senate bill if it comes to his desk.
- The House Foreign Affairs Committee voted to advance a bill that would clear the way for President Joe Biden to ban TikTok. More than 100 million Americans use TikTok. It was the most downloaded app in the U.S. and around the globe in 2022.
- General Motors plans to cut about 500 salaried employees. The automaker employs about 81,000 salaried workers globally.
- Don't waste weeks or months on the typical hiring process. Hire carefully vetted talent on demand with Toptal. Start your no-risk trial today.*
*This is a sponsored listing.
| |
Upcoming Events - March 02 - Inside Marketing w/ Jim Huffman (GrowthHit) (Register Here)
- March 07 - Inside Startups Coffee Break (Register Here)
- March 09 - Webinar on how Jiminny leverages AI for conversation intelligence (Register Here) *
- April 18 - Human Resources Summit'23 (Register Here)
*This is a sponsored listing.
| |
 |  | Vanessa Omeokachie 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. | |
| |
| 767 Bryant St. #203, San Francisco, CA 94107
Copyright © 2023 Inside.com | |
| |
