Tesla shares jumped more than 10 percent Thursday after the company reported earnings for the second quarter.
Investors seemed to cheer the fact that the electric automaker burned through less cashー$739.5 million in Q2 compared to $1 billion the quarter beforeーand that CEO Elon Musk behaved himself: the billionaire began the earnings call by apologizing to analysts for his ["bad manners"](https://cheddar.com/videos/elon-musk-combative-with-analysts-may-have-a-point?utm_source=All+Subs&utm_campaign=5c55c38d33-EMAIL_CAMPAIGN_2018_08_01_06_20&utm_medium=email&utm_term=0_4b7ac66387-5c55c38d33-121269037) three months ago, which accelerated after-market gains in the stock.
Other positives from Tesla's earnings: the company said it expects to manufacture more than 6,000 of Model 3s a week by the end of the month and that most factories would be able to produce 10,000 cars a week by the end of the year.
That would be a big step toward achieving profitabilityーMusk has said that sustained production of the Model 3 is essential for increasing cash flow and cutting losses. The company ended the quarter with about $2.2 billion in cash on its balance sheet, suggesting it has just enough to get through the year.
Still, Tesla did post a bigger loss than expectedー$3.06 a share versus an estimated $2.92ーand Musk acknowledged the company would need to raise capital to fund its planned expansion to Shanghai.
In all, the company produced more than 53,000 carsーModel 3s, Model Ss, and Model Xsーduring the second quarter, and delivered almost 41,000 vehicles. It also took a restructuring charge for cutting its workforce by 9 percent.
For more on this story, [click here](https://cheddar.com/videos/tesla-stocks-rise-after-earnings-report).
Disney is warning YouTube TV subscribers that networks under its umbrella, like ABC and ESPN, could be removed from the platform this week if the two companies cannot find a solution to their fight over carriage fees.
Apple is on the verge of becoming the world's first-ever $3 trillion company as shares of the iPhone maker are inching closer to $182.86. Joel Hawthorne, head trader and CEO of The Morning Snapshot, joined Cheddar to discuss Apple's success and how the tech giant will continue to innovate. "One thing that we have to keep in mind is this stock somewhat moves like its own ETF," he said, describing the company as almost a "safe bet" for long-term investors.
Gabe Pincus, president of the investment advisor GA Pincus Funds, joined Wake Up With Cheddar to break down what's happening with meme stocks, as retail trader favorites AMC, GameStop, and Bed Bath & Beyond all moved sharply lower on Monday. He noted that even with the drop there is still room for the meme stocks to tumble even more. "They're still up 500 percent, 800 percent, 900 percent from their all-time lows, so there's plenty more room for them to go down," said Pincus.
While people have been spending more time on their phones throughout the pandemic, a new report shows they were also spending more money as well. A review from Sensor Tower on the global app ecosystem this year found that the app economy will see record consumer spending in 2021, up nearly 20% from 2020. Sensor Tower director of sales and financial institutions Anthony Bartolacci joins Cheddar News' Closing Bell to break down the report.
