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<p class="has-drop-cap">Tech giants Tesla (NASDAQ: TSLA) and Alphabet (NASDAQ: GOOG), the parent company of Google, saw their shares tumble in early trading Wednesday following their second-quarter earnings reports. Despite both companies beating overall revenue expectations, investors reacted negatively to specific segments that fell short of analyst predictions. <br><br>As of 9:54 AM EDT, Tesla (<a href="https://tokenist.com/investing/how-to-buy-stocks/" rel="noopener noreferrer nofollow" class="deco-link">TSLA</a>) shares were down 11.36% at $218.38, while Alphabet (<a href="https://tokenist.com/investing/how-to-buy-shares-online/" class="deco-link" rel="noopener noreferrer nofollow">GOOG</a>) shares dropped 3.83% to $176.57.</p>
<h3 id="tesla-posts-mixed-q2-results">Tesla Posts Mixed Q2 Results</h3>
<p>Tesla reported <a href="https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q2-2024-Update.pdf" target="_blank" aria-label="Q2 2024 earnings (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">Q2 2024 earnings</a> after market close on July 23, with revenue of $84.74 billion slightly surpassing the expected $84.19 billion. <br><br>However, the company’s core automotive business showed signs of strain, with revenue declining 7% year-over-year to $19.9 billion. Vehicle deliveries also fell 5% compared to the same period last year, totaling 443,956 units.</p>
<p>Despite the challenges in its automotive segment, Tesla saw significant growth in other areas. Energy storage and generation revenue doubled to $3.01 billion, while services and other revenue grew 21% to $2.61 billion. The company also achieved a record energy storage deployment of 9.4 GWh and announced that its Cybertruck became the best-selling EV pickup in the U.S. during Q2.</p>
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<h3 id="alphabet-reports-strong-overall-performance-in-q2-but-youtube-growth-lagged-expectations">Alphabet Reports Strong Overall Performance in Q2 But YouTube Growth Lagged Expectations</h3>
<p>Alphabet’s <a href="https://abc.xyz/assets/19/e4/3dc1d4d6439c81206370167db1bd/2024q2-alphabet-earnings-release.pdf" target="_blank" aria-label="Q2 2024 earnings (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">Q2 2024 earnings</a>, also released on July 23, showed a 14% year-over-year increase in revenue to $84.74 billion. The company’s net income rose to $23.6 billion, or $1.89 per share, beating analyst expectations of $1.84 per share. Google Cloud was a particular bright spot, surpassing $10 billion in quarterly revenue for the first time.</p>
<p>However, while growing to $8.66 billion, YouTube ad revenue fell short of the $8.93 billion analysts had anticipated. This miss likely contributed to the negative market reaction. <br><br>Alphabet highlighted its continued focus on <a href="https://tokenist.com/clash-of-ai-giants-microsoft-or-alphabet-for-long-term-exposure/" rel="noopener noreferrer nofollow" class="deco-link">AI innovation</a> and announced that its self-driving car unit, Waymo, is now making 50,000 weekly paid public rides. The company also committed a $5 billion multi-year investment to Waymo.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
<h3 id="br"><br></h3>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/tesla-and-alphabet-shares-slide-post-q2-earnings-heres-why/">Tesla and Alphabet Shares Slide Post Q2 Earnings, Here’s Why</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Tesla and Alphabet Shares Slide Post Q2 Earnings, Here’s Why

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