Tech stocks Tesla and Alphabet had mixed earnings reports, with Tesla missing on earnings but beating revenue, while Alphabet beat both earnings and revenue expectations, leading to stock price declines for both companies.

From Nasdaq: 2024-07-24 12:08:00

Tech stocks, including Tesla, have surged in 2024. The Nasdaq 100 index has risen 85% since December 2022. Alphabet and Tesla report Q2 earnings with mixed results. Tesla missed on earnings but beat revenue estimates. Alphabet beat both earnings and revenue expectations but shares fell. Expect more volatility during earnings season.

Tesla’s Q2 earnings show a 43% decline in earnings per share but a 2% revenue increase. CEO Elon Musk remains optimistic about FSD capabilities and upcoming launches. Alphabet’s earnings rose 31% year-over-year but cloud computing revenue was strong. Both companies experienced stock price declines despite varied results. Market may see selling pressure amid early season jitters.

The remaining members of the “Magnificent 7” will report Q2 results soon. Election years historically show strong market performance. Zacks offers a special report on 5 stocks to consider before Election Day. These stocks cover various sectors, from medical manufacturing to aerospace. Download the report for more information on potential market opportunities.



Read more at Nasdaq: Tesla, Alphabet Kick Off Magnificent Seven Earnings in Mixed Fashion