May 14, 2021

Tesla sees $101M in profits from Bitcoin

Benzinga
Published 7:00 a.m. ET May 1, 2021

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The S&P 500 traded mostly flat last week despite impressive earnings reports from big tech stocks.

Blue-chip stocks Microsoft, Alphabet, Facebook, Amazon and Apple all reported first-quarter earnings and revenue numbers that exceeded analyst estimates. 

Tesla shares traded lower on the week after reporting its own earnings and revenue beat in the first quarter. Tesla also reported $101 million in profits from Bitcoin trading in the first quarter and said the company now has $2.5 billion in Bitcoin holdings.

European antitrust regulators said Friday that “Apple has a monopoly” in the music streaming app business. Apple Music competes with other music streaming services, but it also charges a 30% commission to any competitors that sell subscriptions through the Apple App Store.

As expected, the Federal Reserve opted to maintain short-term interest rates at near zero on Wednesday. In a virtual news conference following the announcement, Fed Chair Jerome Powell warned investors that he sees “froth” in global equity markets at current levels.

Shares of Uber, Lyft and DoorDash traded lower on Thursday after U.S. Labor Secretary Marty Walsh said most gig workers should be classified as employees and have access to all the associated benefits.

Twitter user growth falls short

Twitter shares dropped 13% on Friday after the company’s first-quarter monetizable daily user count fell short of analyst expectations by about 1 million users.

This week, earnings season rolls on with reports from PayPal on Wednesday and Moderna, ViacomCBS and Square on Thursday.

Analysts estimate S&P 500 companies will report 10.3% revenue growth in 2021, according to FactSet.

Economic numbers

Investors will get more key economic updates this week on Monday when Fed Chair Powell speaks at the 2021 Just Economy Conference and on Friday when the Labor Department releases its U.S. jobs report for the month of April.

Benzinga is a financial news and data company headquartered in Detroit.

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