CNBC Daily Open: Tesla's increased costs outweighed its revenue growth

There are mostly 2 ways for a institution to summation its profit: expanding income oregon cutting costs. Preferably some astatine the aforesaid clip — due to the fact that a emergence successful gross mightiness beryllium overshadowed by spiking expenses.

That's what happened to Tesla successful the 3rd quarter. Revenue astatine Elon Musk's electrical conveyance institution roseate 12% twelvemonth connected year, the archetypal summation successful 3 quarters. Despite that, nett income plunged 37% from a twelvemonth earlier.

The culprits? Lower conveyance prices, presumably successful a bid to vie with Chinese manufacturers that are vacuuming up marketplace share, arsenic good arsenic a 50% summation successful operating expenses partially owed to artificial quality and "other R&D projects," according to Tesla.

Investors didn't look excessively pleased by Tesla's after-the-bell report, sending its shares 3.8% little successful extended trading. The company's net study followed disappointing ones from Netflix and Texas Instrument the time prior, which caused their shares to descend 10% and 5.6% respectively during regular trading Wednesday stateside.

Those moves dragged down the broader market. The 3 large U.S. indexes fell, though they managed to regain immoderate losses by the session's close. Still, the S&P 500 and Nasdaq Composite are present looking astatine declines for October, for now.

There's conscionable six much days of trading earlier October ends. But that's six days packed with net reports from tech behemoths specified arsenic Alphabet, Apple, Meta and Microsoft, which could precise good crook astir the destiny of stocks.

The biggest crypto wipeout was led not by bitcoin, but overmuch smaller tokens. Here's what happened

The crypto manufacture precocious had 1 of its worst days ever. More than 1.6 cardinal traders suffered a combined $19.37 cardinal erasure of leveraged positions implicit a 24-hour play opening Friday, Oct. 10.

More than a week aft the event, its ripples are being felt mostly successful smaller coins. Bitcoin is trading astir 11% beneath its Oct. 10 highs. But lesser-known coins specified arsenic XRP, solana, dogecoin and BNB are trading betwixt 15% and 24% disconnected their pre-liquidation prices.

— Liz Napolitano