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RTHK
an hour ago
- RTHK
Tesla reports 16pc profit drop to US$1.2bn
Tesla reports 16pc profit drop to US$1.2bn Shares of Tesla dipped 0.4 percent in after-hours trading on Wednesday. Photo: Reuters Tesla reported another drop in quarterly profits on Wednesday on lower auto sales amid intensifying electric vehicle competition and lingering backlash over CEO Elon Musk's involvement in US politics. The company reported second-quarter profits of US$1.2 billion, down 16 percent from the year-ago level. In a press release, it emphasised ongoing efforts to lead in artificial intelligence and robotics. Revenues fell 12 percent to US$22.5 billion. Lower profits had been expected after Tesla earlier this month disclosed a decline in auto deliveries. Its results were also impacted by a fall in average vehicle selling prices and higher operating expenses driven by AI and other research and development projects. Tesla did not offer an outlook on full-year vehicle production, citing shifting global trade and fiscal policies. "While we are making prudent investments that will set up both our vehicle and energy businesses for growth, the actual results will depend on a variety of factors, including the broader macroeconomic environment, the rate of acceleration of our autonomy efforts and production ramp at our factories," Tesla said. The results come on the heels of Tesla's launch last month of a robotaxi service in the Texas capital, Austin, Musk's first fully autonomous offering after pushing back the timeframe many times. Musk has heavily touted Tesla's autonomous driving programme, as well as the company's "Optimus" humanoid robot, which employs artificial intelligence technology. But analysts have criticised Tesla's sluggishness in unveiling new autos, while questioning Musk's commitment to an earlier goal of launching a state-of-the-art electric vehicle priced at around US$25,000 to bolster the odds of mass deployment. In Wednesday's press release, Tesla said, "We continue to expand our vehicle offering, including first builds of a more affordable model in June, with volume production planned for the second half of 2025." Shares of Tesla dipped 0.4 percent in after-hours trading. (AFP)
RTHK
an hour ago
- RTHK
Dow advances, S&P 500 hits record after tariff deals
Dow advances, S&P 500 hits record after tariff deals All three major indices on Wall Street gained ground on Wednesday. Photo: Reuters Wall Street stocks advanced on Wednesday with the Dow logging strong gains and the S&P 500 closing at a record for the third time in a row after the United States unveiled more tariff deals. The Dow Jones added 1.1 percent to 45,010 while the S&P 500 bounced 0.8 percent to 6,358. The Nasdaq climbed 0.6 percent to 21,020. The gains came after US President Donald Trump announced on Tuesday that Washington had reached tariff agreements with Japan and the Philippines, and as officials signalled optimism in trade talks with the European Union. German Chancellor Friedrich Merz voiced optimism that EU and United States negotiators are making progress in talks to resolve a trans-Atlantic trade row. Several EU diplomats also said the bloc was examining a US proposal involving a baseline tariff of 15 percent and sectoral carve-outs still to be decided. An ongoing wave of company earnings reports also helped buoy major US indexes. For the most part, "companies are saying that they can deal with tariffs at the levels they're at", shift supply chains or cope with modest price increases, said Pat Donlon of Fiduciary Trust Company. "It will be interesting to see, though, some of the consumer discretionary companies that are more exposed to production in China, Vietnam, Malaysia, South Asia that report later in earnings season," he said. (AFP)
South China Morning Post
an hour ago
- South China Morning Post
Why the Tiffany blue Patek Philippe watch wound up so many rich people
Tiffany salespeople called them the 'watch monsters'. The obsessives. The wealthy shoppers who were sure they should be among the chosen few to get their hands on a rare timepiece from Patek Philippe. They descended on Tiffany & Co. a few years ago, when the retailer began offering a limited-edition Patek Philippe Nautilus 5711 with a dial in Tiffany's signature robin's-egg blue. Patek crafted 170 of them, a tribute to the number of years the brands had worked together. Tiffany hoped that the timepiece would help attract and retain high-end shoppers who were not already regular customers. Yet the Blue Dial, as it became known, was never for sale in the traditional sense. Demand was so high that Tiffany executives, including Americas head Christopher Kilaniotis, realised clients would be willing to spend millions of dollars on other jewellery for the chance to buy the coveted watch, which was priced at US$52,635. Salespeople were instructed to guide top prospects toward spending US$2 million to US$3 million, according to people familiar with the sales strategy. No official wait-list. No guarantees. Only 170 of the 'Blue Dials' were made. Photo: Tiffany & Co. When the Blue Dial arrived, wealthy shoppers' desire for luxury watches was in overdrive amid a pandemic-era buying frenzy. It instantly became one of the most talked-about objects in the luxury world.
