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Intel blows past estimates, recording fastest sales growth in almost 15 years on 'unprecedented' demand CNBCIntel tops Q2 estimates on top and bottom lines, offers upbeat Q3 outlook Yahoo FinanceIntel Forecast Shatters Estimates, Fueled by Data Center Growth Bloomberg.comIntel posts fastest growth in 15 years as AI fuels chip sales Financial TimesIntel Earnings Arrive as Chip Stocks Continue to Wobble
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Wall St falls as tech earnings spark AI spending worries and oil hits $100 ReutersStocks Tumble as A.I. Spending and Oil Prices Weigh on Market The New York TimesStock market today: Dow, S&P 500, Nasdaq sell off as rising oil prices, bond yields, and AI capex weigh Yahoo FinanceBrent oil tops $100 per barrel, as tumbles for Tesla and Alphabet yank Wall Street lower AP News
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Tesla's stock has its worst drop in a year after the company's earnings call leaves Wall Street with more questions than answers.
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One analyst suggested stocks may be suffering from "rally exhaustion."
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Contemporary Amperex Technology Co. Ltd. reported quarterly net income well short of analyst estimates as the global slowdown in electric vehicle sales starts to bite.
While net income for the third quarter ended Sept. 30 rose 26 percent to 13.1 billion yuan ($1.8 billion) versus the same period last year, that was a lot lower than the 14.7 billion yuan expected. Revenue shrank 12.5 percent to 92.3 billion yuan year-on-year, sharply down on projections for 118.4 billion yuan.
The world's largest maker of EV batteries is being hit as automakers from General Motors to Ford begin to scale back EV production plans and delay model launches. Countries like Japan and Germany, home to some of the largest automotive incumbents, have seen not just a slowdown in the growth rate, but an outright decline in EV sales.
CATL supplies many big name carmakers, including Tesla Inc.
Although the Chinese giant dwarfs competitors, it isn't alone in feeling the pain. The world's third largest battery maker, South Korea's LG Energy Solution Ltd., is likely to suffer its third consecutive quarterly profit decline, its most recent preliminary earnings show.
For the January to August period, CATL's global market share stood at 37.1 percent, up 1.6 percentage points on the same period of last year, data from SNE Research show. LG Energy's market share shrunk 2.3 percentage points to 12.1 percent.
CATL's greater control over its supply chain does at least wring more profit from its suppliers, helping to drive down costs. Bloomberg Intelligence has suggested that more global EV makers adopting cheaper lithium-iron-phosphate (LFP) batteries could help CATL gain market share overseas. The company's energy-storage business is also emergin
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