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Tesla profits nosedive as more job cuts announced (www.bbc.com)

submitted 7 months ago by AmbiguousProps@lemmy.today to c/technology@lemmy.world

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Tesla has seen its profits more than halve this year, and says it will bring forward the launch of new models after announcing thousands of job cuts to try to reverse its fortunes.

Despite plans to bring forward new models originally planned for next year the firm is cutting its workforce.

Tesla said it would lose 3,332 jobs in California and 2,688 positions in Texas, starting mid-June.

The cuts in Texas represent 12% of Tesla's total workforce of almost 23,000 in the area where its gigafactory and headquarters are located.

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[–] danc4498@lemmy.world 4 points 7 months ago (12 children)

I wonder why their after hours stock price skyrocketed.

[–] casmael@lemm.ee 9 points 7 months ago (2 children)

Dead cat bounce?

[–] athairmor@lemmy.world 5 points 7 months ago

When a stock drops by a lot there’s usually a low point at which some investors will start buying it again because it got so cheap. This drives the price higher but only temporarily. This is called the “dead cat bounce.”

[–] Granite@kbin.social 0 points 7 months ago (1 children)

There’s a pandemic term I haven’t seen in the wild for a hot minute.

[–] Crashumbc@lemmy.world 6 points 7 months ago (1 children)

"Dead cat bounce" has been a term in stocks for 30+years...

[–] Granite@kbin.social 2 points 7 months ago

TIL thanks

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