*By Alisha Haridasani*
Tesla’s first-quarter earnings narrowly beat expectations Wednesday, bringing in $3.4 billion in revenue, up from about $3.3 billion in the previous quarter.
The car maker also posted a net loss of more than $780 million.
The news was positive for the electric carmaker in the areas that seemed to matter most to investors, said Jason Ware, the chief investment officer and chief economist at Albion Financial group. He cited the uptick in car production, specifically. "It seems that they've hit on all of the things that investors were looking for," Ware said in an interview with Cheddar.
The Model 3, Tesla's mass-market sedan was the main focus of the earnings report.
For months, the company was missing its own production targets for that car. The company produced just 1,000 units a week in December, below the company's target of 20,000 units per month. That worried investors that Tesla would run out of cash by the end of the year. (It is reported to be spending $6,500 per minute, according to [Bloomberg](https://www.bloomberg.com/graphics/2018-tesla-burns-cash/)). Tesla ended the first quarter with a cash balance of $2.7 billion, down by almost $1 billion from the previous quarter.
The company stated Wednesday that it expects to turn things around. In April, Tesla produced more than 2,000 units per week for three straight weeks, and the carmaker [told shareholders](http://files.shareholder.com/downloads/ABEA-4CW8X0/6176011373x0x979026/44C49236-1FC2-4FD9-80B1-495ED74E4194/TSLA_Update_Letter_2018-1Q.pdf) it aims to more than double that number to 5,000 units per week in two months' time.
In their letter to shareholders, the chairman and CEO Elon Musk and Tesla's CFO Deepak Ahuja reiterated Musk's statement that the company could turn a profit by the end of the year.
But it would have to meet production goals for that happen, though, and the company has fallen well short of *those* in the past.
For the full segment, [click here](https://cheddar.com/videos/spotify-reports-for-the-first-time-and-tesla-reports-less-of-a-loss-than-expected).
Swedish buy now, pay later company Klarna is making its highly anticipated public debut on the New York Stock Exchange Wednesday, the latest in a run of high-profile initial public offerings this year. The offering priced at $40 Tuesday, above the forecasted range of $35 to $37 a share, valuing the company at more than $15 billion. The valuation easily makes Klarna one of the biggest IPOs so far in 2025, which has been one of the busier years for companies going public. Other popular IPOs so far this year include the design software company Figma and Circle Internet Group, which issues the USDC stablecoin..
Oracle co-founder Larry Ellison wrested the title of the world’s richest man from longtime holder Elon Musk early Wednesday as stock in his software giant rocketed more than a third in a stunning few minutes of trading. That is according to wealth tracker Bloomberg. A college dropout, the 81-year-old Ellison is now worth $393 billion, Bloomberg says, several billion more than Musk, who had been the world’s richest for four years. The switch in the ranking came after a blockbuster earnings report from Oracle. Forbes still has Musk as the richest, however, valuing his private businesses much higher.
Aurimas Sabulis, CEO of Dextall, unveils how AI‑driven prefabricated façades slash design time by 80%, labor by 87%, and accelerate affordable housing delivery.
Online broker Robinhood Markets will join the S&P 500 index Online broker Robinhood Markets will join the S&P 500 index as its stock rides higher on a cryptocurrency wave.
Trump wants interest rates to plummet to make borrowing cheaper and boost growth. Fed chair Jerome Powell and his allies say not so fast, they need to bala
