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).
High-speed connectivity solutions provider Credo went public on the Nasdaq on Thursday, raising $200 million in its IPO. CEO Bill Brennan, joined Cheddar to discuss its entry into the capital markets and the next chapter for the company. "We're going to be focused on what we have been focused on, which is really creating, creating innovative connectivity solutions that really pushed the edge on efficient power as well as very effective cost," he said.
BD Veritor is a variation of the at-home COVID test that uses a smartphone to interpret the results. The test is taken via a nose swab test strip that is then scanned by your phone’s camera with the result clearly displayed as positive or negative. James Walker, vice president of integrated diagnostics USA for BD, joined Cheddar to discuss how the test hopefully takes the "guesswork out of testing." Walker also went into what BD is doing to deal with the surging demand for at-home tests amid the omicron spread. "While we don't disclose how much we produce, we have capacity to manufacture up to 12 million rapid antigen tests per month and are delivering on our commitments to distributors and retailers," he said.
Low-code app development platform Crowdbotics raised $22 million in a Series A funding round led by Jackson Square Ventures. Crowdbotics has helped more than 14,000 customers launch apps without having to learn how to code. The company can offer a team of expert developers to help companies launch custom apps, or provide the means for companies to develop apps themselves. Crowdbotics CEO Anand Kulkarni joined Cheddar News' Closing Bell to discuss.
Nathan Harding, CEO of Luum, joins Cheddar Innovates to discuss the process of having a robot put on eyelash extensions, and how automation is making its way into the beauty industry
Kevin Yu, Founder and CEO of Sidechef, joins Cheddar Innovates to discuss how it's building a platform to make recipe shopping easy, and how its features help you discover new recipes with the same ingredients to fight the massive problem of food waste.
On this episode of Cheddar Innovates: Sidechef CEO breaks down how it's building a platform to make recipe shopping easy; Luum CEO explains the process of having a robot put on eyelash extensions; A look at Curiosity Stream's new original series, 'Evolve.'
