All articles tagged with #gross profit
Rivian Automotive exceeded Wall Street's Q3 expectations with a $24 million gross profit, driven by a joint venture with Volkswagen and its software business, and maintained its 2025 guidance despite ongoing losses.
Fisker reported meaningful revenue for the first time in its history, with production of 4,725 vehicles and deliveries of 1,097 vehicles in its third-quarter earnings report. Despite falling short of analyst expectations and cutting its production target, Fisker has a surprising edge over its EV start-up peers, reporting the lowest negative gross profit on a per-vehicle basis and as a percentage of revenue. This indicates that Fisker is closer to making a profit compared to its competitors. While EV stocks have faced challenges, Fisker's expected production ramp and solid gross margin numbers provide encouragement for investors, suggesting the company could be on its way to profitability.
Block Inc. reported better-than-expected adjusted profit for the third quarter, with earnings of 55 cents per share, beating analysts' expectations of 47 cents per share. The company's revenue also exceeded estimates, reaching $5.6 billion compared to the expected $5.4 billion. Block's gross profit increased to $1.90 billion, in line with consensus. The stock rose 7% in after-hours trading. The company aims to achieve meaningful margin expansion and a target of $2.4 billion in adjusted EBITDA by 2024. Block plans to improve operating-expense discipline, cap employee size at 12,000 by 2024, and assess its real-estate footprint to enhance its cost structure.
Fintech firm Block reported $2.16 billion in bitcoin revenue in its Cash App unit during Q1, up 18% from Q4 and up 25% from Q1 2022. Cash App generated $50 million in bitcoin gross profit in Q1, up 43% from Q4 and ahead 16% year over year. The company as a whole reported $770 million in gross profit in Q1, up 16% year over year. Block's Q1 revenue of $5 billion topped estimates by $390 million, and non-GAAP earnings per share of 40 cents beat expectations by 6 cents.
MicroStrategy reported Q1 Non-GAAP EPS of $30.59, beating estimates by $30.32, and revenue of $121.62M, beating estimates by $2.58M. The company's gross profit for Q1 2023 was $94.0 million, representing a 77.1% gross margin. MicroStrategy's cash and cash equivalents as of March 31, 2023, were $94.3 million, up from $43.8 million as of December 31, 2022.