Geely Automobile Holdings GELYF announced that the company will share its battery safety patents at the Shanghai Auto Show. What Happened: The Chinese automaker revealed on Wednesday the “Geely Global Safety Center,” which the company says is the world’s largest standalone safety lab. It also unveiled a new battery brand dubbed the “Geely Golden Short
Tesla Inc.’s TSLA Cybertruck vehicles are reportedly piling outside the company’s gigafactory in Texas and collecting dust, forcing the company to resort to aggressive discounting. What Happened: According to a report by Forbes, the company’s inventory for the trucks is piling up owing to lower-than-expected sales. Tesla’s inventory in the U.S. still has model year
Analog Devices, Inc. ADI stock traded higher Wednesday after the company reported fiscal third-quarter results. The company’s revenue declined 25% year-on-year to $2.31 billion, beating the analyst consensus estimate of $2.27 billion. Adjusted EPS of $1.58 beat the analyst consensus estimate of $1.50. Analog Devices’ Industrial revenue declined by 37% year-on-year to $1.06 billion. Automotive revenue decreased 8% Y/year-on-year to $670.3 million. Communications revenue declined
GlobalFoundries Inc GFS reported a fiscal second-quarter 2024 revenue decline of 12% year-on-year to $1.63 billion, beating the analyst consensus estimate of $1.62 billion. The contract chipmaker’s adjusted EPS of 38 cents beat the analyst consensus estimate of 28 cents. Smartphone and mobile device revenue fell by around 3% from a year ago, while industrial IOT revenue declined
Symbotic Inc SYM shares are tumbling in Monday’s after-hours session on the heels of the company’s third-quarter financial results. Q3 Earnings: Symbotic reported fiscal third-quarter revenue of $491.862 million, beating analyst estimates of $464.55 million, according to Benzinga Pro. The company reported an earnings loss of 2 cents per share, missing estimates for positive earnings