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    Full Text of President Buhari’s Farewell Address to the Nation

    Full Text of President Buhari’s Farewell Address to the Nation

    Full Text: Tribunal releases Atiku’s pre-hearing report

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    Putin is on our kill list – Deputy Chief of Ukraine’s Intelligence agency

    Putin is on our kill list – Deputy Chief of Ukraine’s Intelligence agency

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    Senate sits on Saturday, increases Ways and Means borrowing from 5% to 15%

    Senate sits on Saturday, increases Ways and Means borrowing from 5% to 15%

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    BREAKING: CBN raises interest rate to 18.5% amid rising inflation

    JUST IN: Nigeria’s inflation rate hits 19.64% – highest since 2005.

    Inflation rate hits 22.22% in April, highest in 14 years

    Telcos kick as FG plan 12.5% call tax

    FG re-introduces 5% excise duty on telecom services in new fiscal policy

    Headline Inflation in Nigeria rose to 22.04% in March

    Headline Inflation in Nigeria rose to 22.04% in March

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rose to N46.25 trillion in 2022, 84.73% of bilateral debt owed to China

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    CBN raises interest rate for the 6th consecutive time

    Russia Economy contracts by 2.1% in 2022, far below western predictions

    Russia Economy contracts by 2.1% in 2022, far below western predictions

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

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    FY 2020: Unilever Nigeria Plc remains in loss despite revenue growth

    The NGX- ASI increased by 0.48% as Unilever gained 9.70%

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    The NGX- ASI increased by 0.35% despite negative market sentiment

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

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    The NGX- ASI Increased By 0.36% as NB rises 9.97%

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Tesla beats Wall Street expectations, posts most profitable quarter

Tuesday, 27 July 2021, 5:36 pm
in Business, Companies
0
Tesla suffers biggest loss in 5 months amid Bitcoin slump
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Tesla beat Wall Street expectations on Monday as it reported its most profitable quarter despite the production complications caused by microchip shortage.

Tesla posted total revenue of $11.958 billion in the second quarter of the year, a 98% increase year-on-year and beats an expected $11.36 billion revenue.

The increase in revenues was due to substantial growth in vehicle deliveries. Automotive revenues rose by 97% to $10.206 billion.

The company’s gross profit increased by 128% to $2.884 billion. The operating income improved to $1.3 billion, an 11.0% operating margin.

The automaker reported $1.14 billion in (GAAP) net income, more than double the $438 million it made during the first quarter of 2021. This is the first time, Tesla’s quarterly profits exceeded $1 billion in its history.

The earnings per share(adjusted) stood at $1.45, compared to an expected $0.974 per share.

  • Read also: Ecobank Transnational Incorporated grows profit by 29% in H1 2021
  • Nascon Allied Industries Plc reports N17.57 bn revenue in H1 2021
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Tesla said it increased its profitability mainly due to volume growth and cost reduction.

The quarter-end cash and cash equivalents decreased to $16 billion in Q2, driven mainly by net debt and finance lease repayments of $1.6 billion according to the company.

In the second quarter of 2021, Tesla broke new and notable records as it produced and delivered over 201,250 vehicles. In the previous quarter, Tesla delivered 184,800-vehicle, which was a record at the time.

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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