Friday's Headlines: Tesla unveils its brand new pickup truck
1. Tesla unveiled the latest addition to its line-up of electric vehicles at an event in Los Angeles last night — the Cybertruck. This pickup is the sixth vehicle added to the company's line-up and will reportedly begin production in late 2021, selling at a price of around $39,900. Much was said last night about the vehicle's experimental "cyberpunk" design, but more was said about the fact that the windows on the Cybertruck smashed during a demonstration where a metal ball was thrown at them, despite CEO Elon Musk previously declaring that the truck was bulletproof against a 9mm handgun. Read more on this here.
2. Shares of Baozun cratered yesterday after missing estimates for the last quarter and lowering revenue guidance for the current one. Despite jumping more than 35% from the same time last year, revenue of $210 million still came in lower than analyst expectations. On the call, management said that the company was experiencing headwinds of "terminating our service agreement with one electronics brand" in addition to "a challenging macroeconomic environment." More on this here.
3. Elsewhere, Copart stock hit all-time highs yesterday off the back of a stronger than expected quarter. For the company's fiscal first quarter, earnings jumped 38% to hit 65 cents a share, while revenue jumped 20% to reach $554.42 million for the quarter. The company attributed much of this performance to higher than expected services revenue, which grew 23.6% specifically during the quarter. For more on this, read the earnings call transcript here.