Tesla CEO Elon Musk has announced that the electric car maker’s long-serving chief financial officer (CFO), Deepak Ahuja, is leaving the company after over a decade of service, CNBC reports. Musk made the announcement towards the end of an earnings conference call. Tesla’s shares fell sharply by nearly 5% in after-hours trading. This is not Ahuja’s first time to resign from the electric car maker. He first departed in 2015 only to rejoin two years later. This was to replace Jason Wheeler, who had abruptly resigned as the CFO. How do you not include the departure of your CFO in
The U.S. stock market catapulted higher on Wednesday, as investors rallied behind a series of upbeat earnings reports from some of Wall Street’s biggest companies. Flush of Green for Dow Index All of Wall Street’s major indexes reported strong gains on Wednesday, building off a positive pre-market session for Dow futures. The Dow Jones Industrial Average is up 316 points, or 1.3%, to 24,896.79. The broad S&P 500 Index gained 0.8% to 2,660.67. Ten of 11 primary sectors reported gains, with information technology and consumer discretionary leading the advance. Booming tech shares lifted the Nasdaq Composite Index to higher ground.
Apple’s fiscal Q1 revenue and profits fell, marking the first time the company had to report such dismal numbers for this particular quarter in more than 10 years. The culprits behind the declines were slowing iPhone sales and China’s economic downturn. Apple CEO Tim Cook talking about China on the company earnings call moments ago. Here's what he said: pic.twitter.com/Vt5GSABwB4 — CNBC's Fast Money (@CNBCFastMoney) January 29, 2019 The tech giant’s earnings per share and revenue did beat analyst estimates. This was despite iPhone sales coming in lower than estimates. Apple had warned investors about the expected lower sales at the
Apple is set to report its first-quarter earnings after Tuesday’s closing bell. As it readies, it’s dealing with the fallout of a bug on its FaceTime app that was allowing people to listen in on others’ conversations. Not only did the bug make Apple look bad on Data Privacy Day, but it could have been discovered by a teen, whose mother tweeted relentlessly about the find as early as Jan. 20. Apple didn’t address the issue on its support site until last night. This bug only aggravates Apple’s efforts to maintain its stellar image as it faces slowing sales of
Nvidia investors got a nasty surprise this morning when the chipmaker announced its Q4 fiscal 2019 earnings could come in $ 500 million short of original estimates. While Nvidia has repeatedly blamed its financial woes on a decline in cryptocurrency mining-related demand in the past, it’s acknowledging that it’s baby — the gaming industry — remains a significant problem. The chipmaker dropped its guidance to $ 2.2 billion from $ 2.7 billion, and the news sent its share price into a tailspin. Nvidia’s Bread-and-Butter Customer-base is Cooling Nvidia blames weaker-than-forecasted sales of its gaming and data center platforms for the guidance cut. Deteriorating
By CCN.com: Ford gave its fourth-quarter earnings call this afternoon. Despite a serious decline in interest in China and Europe, the company posted a 1% improvement over last year’s Q4 revenues as a whole, and a 2% gain for the whole year. The earnings call was launched as the markets closed with F seeing a
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Romania has amended its tax laws, allowing it to start taxing gains from bitcoin investments at a rate of 10 percent. The improved fiscal code legislation categorizes earnings generated from buying and selling cryptocurrencies as “income from other sources” and therefore subject to income tax, local media reports.
Only Gains From Crypto Investments to Be Taxed
Romanian daily financial newspaper Ziarul Financiar quoted Adrian Benta, a local tax consultant, as saying: “Now, the earnings from bitcoin are taxed and declared in the annual income statement. Only the earnings [or gains, as opposed to revenues] are taxed.”
Barron’s reported early Monday morning that Citigroup stock had “slumped” after a positive earnings report that also showed a substantial revenue miss, but by the time of writing the trend was reversing on the NYSE. Citigroup (NYSE:C) is the fourth largest US bank with nearly $ 2 trillion in assets. Citigroup posted earnings of $ 4.3 billion
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This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. The earnings season is upon us. Leading publicly traded companies from around the world are reporting their earnings and the investment community is watching closely. An earnings report
Square, the merchant payment service provider which thrives on its mobile card readers and applications, has posted its third-quarter shareholder report, and it includes $ 43 million in bitcoin revenue. Slim Margins on Bitcoin Overall, they’ve made 51 percent more than they did last year up to this point, and revenue is 68 percent better than
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Shares of Tesla (TSLA) are up nearly 10% in after-hours trading Wednesday after Q3 revenue and earnings far exceeded estimates. In what CEO Elon Musk called an “incredibly historic quarter,” Tesla posted adjusted earnings of $ 2.90 a share vs. an expected loss of $ 0.19 per share. This compares to a loss of $ 2.92 per share a year ago. The […]
Shares of PayPal (PYPL) finished Friday up over 9% after the company released third-quarter earnings showing significant quarterly growth across metrics and a bullish outlook for Venmo, the company’s social payment app. ⚡️ PYPL Q3 2018 Earnings by @PayPalNewshttps://t.co/YvM1X07AdO — PayPal (@PayPal) October 18, 2018 According to the earnings release, PayPal’s revenue grew 14% to $ 3.68 billion in Q3, while its […]
Graphics chip manufacturing giant Nvidia saw huge growth in late 2017 and throughout most of 2018 as demand for its high-end Graphics Processing Units (GPUs), used for cryptocurrency mining, skyrocketed. The recent bear market has caused demand for GPUs to dwindle, leaving Nvidia to readjust its strategy.
Nvidia In Its Heyday
It seems Nvidia is throwing in the towel on the development and production of its cryptocurrency mining focused graphics cards and chips.
Nvidia has seen some explosive growth over the last few years and is currently seeing a 68% increase in value in the past year alone (indicated below in yellow), although this week the stock price has slipped almost eight percent (indicated below in red).
Since Square, Inc. added Bitcoin trading capabilities to its payment app, the value of its stocks has increased spectacularly. Dan Dolev, an analyst at Nomura Instinet, believes this ascending trajectory will most likely continue. As a result, Nomura Instinet raised its Square target price to $ 65 USD.
Bitcoin Makes Square Profitable
Dan Dolev predicts a “sizable boost” to Square’s revenues and profits in the first quarter, thanks to Square having added Bitcoin trading features on its payment app.
Dolev estimates that Square could generate $ 125 a year in revenue from each user who trades Bitcoin on the Square Cash app. CNBC reports:
South Africa has joined a growing list of countries that expect citizens to pay income tax on their cryptocurrency earnings.
The South African Revenue Service (SARS) released a statement today, April 6, 2018, making it clear that, even though the country does not consider cryptocurrencies legal tender, you still have to pay taxes on the gains.
That means that anyone who is paid for goods or services in bitcoin must declare that just as they would ordinary income. Also, traders who make money buying cryptocurrencies at a low and selling at a high will have to pay capital gains on any profits. Further, anyone who mines cryptocurrencies will have to pay taxes on the money they make as well.
As cryptocurrency investors continue to see gains, it appears they’re also continuing to stay quiet about their earnings to avoid taxation from the IRS.
Where are the American Crypto Taxpayers?
With roughly a month and a half left until the April 17th tax filing deadline, the IRS has reportedly only received 18.3 million individual tax returns so far, 13% of the total expected. Although it is still early in the tax season, it appears as though American taxpayers are loath to report their gains and losses this year and the IRS is shocked – SHOCKED – at the turnout (or lack thereof).