Plus: ESPN set to begin layoffs next week as Disney looks to cut $5.5B in costs
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 Tesla has reported a 24% increase in total revenue and a 148% increase in revenue from its Tesla Energy division compared to 2022. The report was highly anticipated by analysts who wanted to see whether price cuts hurt the company's earnings. More: - The company saw a 24% drop in Q1 net income compared to 2022.
- Tesla stated that the reasons for the drop in its net income were:
- underutilized manufacturing capacity,
- increased labor costs,
- increased raw material costs,
- and a decrease in environmental credit revenue.
- Total revenue reached $23.3B, while automotive revenue reached $19.96B in Q1, an 18% increase from 2022.
- This quarter marks the 14th consecutive profitable one for Tesla.
- Tesla said it deployed 360% more energy storage systems than last year, crediting its Megafactory in California for enabling most of the growth.
- The company aims to reach 40 GhW in annual production in this factory, aside from its other battery factories in locations such as China.
- This quarterly earnings report was anticipated by Wall Street analysts who wanted to see how price cuts have affected the company's overall sales. Some analysts claim that the decision to cut prices is hurting the company.
- Tesla stated today that regardless of its price cuts, it has a 19.3% margin for each vehicle it sells.
Zoom Out: - In 2022, CEO Elon Musk stated that he wanted to make Tesla vehicles cheaper and that its prices at the time were embarrassing.
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Meta is reportedly planning to cut Instagram jobs in its London office. The office has around 100 employees. More: - According to Bloomberg, the decision will be made public after Meta concludes a consultation period with the U.K. government.
- The report also claims that Instagram's CEO plans to relocate to the U.S. along with the other London-based employees that are not laid off.
- Adam Mosseri moved to London in 2022 for an unspecific period to help boost productivity.
- The job cuts are part of the second round of layoffs that Meta announced earlier this year in March.
- Meta aims to cut 10,000 jobs this year, adding to the 11,000 employees that were let go in late 2022.
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IBM has reported stronger-than-expected Q1 earnings, seeing a 26% net income increase. The company's profit grew 4%, reaching $6.45B. More: - The company's rise in profit was attributed to cost reductions in research, development, and engineering.
- Its revenue stands at $14.25B, slightly missing estimates of $14.35B.
- The company's software segment division increased by about 3%, reaching $5.92B.
- Net income rose 26% to $927M, or $1.02 a share.
- IBM's consulting unit had $4.96B in revenue, up almost 3% compared to the year-earlier period.
- The company's CEO stated that its consulting clients are delaying contracts rather than canceling them, claiming that companies are prioritizing cutting their costs at the moment.
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ESPN is set to begin layoffs next week as part of Disney's strategy to cut 7,000 jobs and save $5.5B in costs. The layoffs will include on-air talent. More: - The job cut process is being implemented in three rounds.
- Disney's first round of layoffs happened in March, with the company letting go of employees in its metaverse division and staff members in its Beijing office.
- The job cuts come at a time when ESPN is looking to renew its deal with the NBA, a deal that will likely cost the company considerably more than the $1.4B it currently pays annually.
- Disney has gone through meaningful changes recently as its former CEO, Bob Iger, returned to the company's helm only two years after resigning.
- Iger has stated that his second stint as CEO will last until 2025 and is primarily meant to help the company transition to a new CEO.
- The company has been impacted by inflation, COVID-19's impact on movie theatres and recreational parks, and a disagreement with Florida Gov. Ron DeSantis.
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Israel's Prime Minister Benjamin Netanyahu has said that the recent nationwide protests will not damage investor confidence long-term. 80% of the startups in Israel said they've had their investor meetings canceled in a recent survey. More: - Asked by the media, Netanyahu dismissed recent reports that the widely publicized crisis could affect investor sentiment and called the situation a momentary crisis.
- Israeli citizens are protesting recent judicial reforms proposed by Netanyahu. Opposition members claim that if the reforms were to be implemented, they would make Israel autocratic and give Netanyahu too much power over the judicial branch.
- The Prime minister, who is facing a corruption charge, has dismissed claims that he is trying to implement changes that would enable him to avoid being sentenced by the court.
- Israel's high-tech sector represents about 16% of its GDP.
- The country is known for its vibrant startup scene and has the highest number of startups per capita in the world.
- In 2021, Israel received 28 times more capital flow than the U.S. per capita.
- 1 out of 3 cybersecurity unicorns in the world is from Israel.
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Miovision has raised a $193M funding round to help cities reduce traffic congestion through computer vision software solutions. The company has provided its software to over 2,000 customers in 63 countries. More: - Miovision enables cities to reduce traffic congestion and vehicle emissions through smart transportation software solutions.
- The company uses computer vision algorithms to detect, monitor, and investigate issues remotely.
- This solution is used for car crashes, double-parked cars, bus stop lines, etc.
- Miovision has provided its service to customers in 63 countries, detecting 30 billion vehicles and over 1.5 billion pedestrians.
- Telus Ventures, Maverix Private Equity, and Export Development Canada led the funding round.
- The company is based in Kitchener, Canada.
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- Stellantis will replace its current CFO, Richard Palmer, with Natalie Knight. Knight is the CFO of the Dutch company Ahold Delhaize.
- The chief of the U.S. KleptoCapture task force has asked lawmakers to do more to help it in its mission to transfer seized Russian assets to Ukraine.
- The median estimate for a recession in Australia has dropped to 35%, a 5% decrease compared to last month's analysis.
- Maltego has been acquired by Charlesbank Technology Opportunities Funds, which is investing $100M to grow the company. Maltego offers security software for agencies such as the FBI and Interpol.
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 |  | Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime. |   | | 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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