U.S. Movers: Boeing, Tesla, Texas Instruments, Visa

Scott Peters
24 Apr, 2024
New York City

Tesla jumped 12.4% to $162.25 after the electric vehicle maker reported a decline in sales and earnings, but the company's outlook supported market expectations. 

Revenue in the first quarter declined 9% to $21.3 billion, net income dropped 55% to $1.13 billion from $2.51 billion, and diluted earnings per share fell to 34 cents from 73 cents a year ago. 

In a statement released to investors, Tesla said the volume growth rate in 2024 "may be notably lower than the growth rate achieved in 2023."

The company said it plans to launch "new vehicles, including more affordable models," manufactured on the same production lines without needing additional investment. 

The company aims to achieve a 50% increase in annual vehicle production before investing in new plants and equipment. 

Boeing Co. increased 3.3% to $174.60 after the aviation company reported a narrower-than-expected loss and a smaller-than-expected cash outflow in the first quarter. 

Revenue in the first quarter declined 8% to $16.5 billion, net loss shrank to $355 million from $425 million, and diluted loss per share eased to 56 cents from 69 cents a year ago. 

Visa Inc. rose 2.4% to $280.80 after the payment processor reported stronger-than-expected quarterly results. 

Revenue in the fiscal second quarter ending in March increased 10% to $8.8 billion, net income rose 10% to $4.7 billion, and diluted earnings per share advanced 12% to $2.29. 

Global payment volume increased by 8%, and cross-border volume, which drives international transactions excluding intra-Europe, jumped 16% on a constant currency basis. 

Total processed transactions in the quarter, which represent transactions processed by Visa, 11% to 55.5 billion.

Texas Instruments jumped 6.7% to $176.69 after the advanced semiconductor company reported better-than-expected first-quarter revenue. 

Revenue declined 16% to $3.66 billion from $4.4 billion, net income fell 35% to $1.1 billion from $1.7 billion, and diluted earnings per share dropped to $1.20 from $1.85 a year ago. 

The company also estimated second-quarter revenue in the range of $3.65 billion to $3.95 billion and earnings per share between $1.05 and $1.25.