Explaining Southern California's economy

Tesla reports HUGE quarterly revenue increase in latest earnings statement

Tesla Model S electric car on display du

STAN HONDA/AFP/Getty Images

Tesla Model S electric car on display during the 2012 North American International Auto Show in Detroit, Michigan. Will Tesla be able to deliver 20,000 of these babies next year?

The startup electric carmaker Tesla, helmed by CEO Elon Musk (his other company, SpaceX, just splashed-down its first successful commerical resupply mission to the International Space Station), continues to lose money — $1.05 a share in the third quarter, says its most recent earnings statement released today. 

That's worse than in previous quarters and a lot worse than last year's third quarter, when Tesla lost 63 cents a share.

Compounding this bad news: Tesla lost more than analysts had expected. But there's some good news, too - a massive uptick in revenues for this quarter over the one before. This is from Tesla's SEC filing:

Our Q3 revenues were $50 million, an 88% increase from the prior quarter, which reflects ramping deliveries of Model S, continued sales of the remaining Roadsters internationally, and an increase in powertrain component sales to Toyota for the RAV4 EV. We delivered 253 Model S and 68 Roadsters in the quarter. Limited development services revenue was recognized in the quarter; however, progress on the full electric powertrain for the Mercedes Benz EV continues on schedule.

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Cost of Chevron's Richmond refinery fire: 118,000 barrels of oil a day

Tony Lee {fototaker}

Chevron's Richmond refinery near San Francisco was shut down due to fire. It affected the company's third-quarter earnings, but not substantially.

Chevron released its third quarter earnings on Friday, and they were weaker than the same quarter last year. The company made a mere $5.3 billion compared with $7.8 billion last year. 

“This quarter’s earnings were solid, but off from their near-record level of a year ago,” Chairman and CEO John Watson said in a release to accompany the earnings announcement. “Crude oil prices were down and we had a heavy period of planned oil field maintenance which temporarily reduced oil and gas production in several locations. Foreign currency movements also hurt our results this quarter, while they benefited the year-ago period.” 

People in this state might be curious about how California-based Chevron fared in the aftermath of the fire at its Richmond refinery in the Bay Area, which caused gas prices in the state to spike at the end of the summer (and contributed to something of a minor gas crisis in October when there were problems at several other refineries in the state).

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FAQ: Why Mark Zuckerberg wants Facebook to be just like TV

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Facebook founder and CEO Mark Zuckerberg speaks during a news conference at Facebook headquarters. The company announced third quarter 2012 earnings today.

Facebook's adjusted net income has been on the loss column, but losses have slowed.

Meanwhile, Facebook's headcount has remained modest, even as it's acquired a billion users.


Facebook has announced third quarter earnings, and they beat what Wall Street was expecting. Analysts were looking for 11 cents a share and they got 12. Jump back! That penny is adjusted to a 2-cent loss once proper accounting protocols are followed. But a beat is indeed a beat. And as you can see in the first chart in the slide show above, Facebook lost less - on a GAAP-adjusted basis, a lot less - than it did last quarter. 

The next chart is even more interesting. As you can see, Facebook has acquired a billion users worldwide (not all of them active, however) with a headcount of just 4,331 employees. If you divide Facebook's quarterly revenue of $1.26 billion by total users, you get a per-user worth of $1.26. 

Viewed another way, every employee at Facebook is worth 230,894 users — or $290,926 in revenue. Now, you could argue that a lot of Facebook employees are costing the company more than $291,926, because they're getting stock. But you also have to consider that although Facebook pays its well, not that many of them make nearly $300,000 per quarter, or $1.2 million per year.

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Yahoo beats earnings expectations in CEO Marissa Mayer's first full quarter on the job

Yahoo To Announce Q2 Earnings One Day After Appointing New CEO

Justin Sullivan/Getty Images

The Yahoo logo is displayed in front of the Yahoo headqarters in Sunnyvale, California. The company just reported a good third quarter.

Yahoo just released third-quarter earnings and they beat Wall Street expectations by almost 10 cents. The Street was looking for 26 cents a share and got 35. Just on the numbers, this is an excellent start for new CEO Marissa Mayer, who literally just returned from a whirlwind maternity leave after the birth of her first child. 

One quarter does not a turnaround make, of course. And it would be difficult to argue that Mayer is really and truly responsible for a good Q3 — revenue was about the same as a year ago, and for the second quarter of 2012. 

In its statement, Yahoo pointed to both search and display as revenue drivers. Which sounds great, until you consider that Mayer is presumably going to take Yahoo away from being a advertising-driven quasi-media company toward more of a product-creating Google-like enterprise.

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Why Google has stopped trading on the Nasdaq stock exchange

KIMIHIRO HOSHINO/AFP/GettyImages

A Google+ logo is seen at Google's annual developer conference, Google I/O, at Moscone Center in San Francisco. The search giant ran into some trouble today on Wall Street.

Two bad things happened to Internet search giant Google Thursday: the company missed Wall Street earnings expectations for the third quarter by a country mile; and its earnings release hit the wires in the middle of the trading day, rather than after hours.

The stock has stopped trading on the Nasdqaq exchange while everybody gets this all sorted out. In an amusing turn, a Twitter account has already been created for @PendingLarry, a reference to a line from Google's premature release to the SEC, "PENDING LARRY QUOTE," with the "Larry" being Google CEO Larry Page.

Former Securities and Exchange Commission Chairman Harvey Pitt was on CNBC Thursday saying that the screwup with Google's release — which could equally be blamed on R.R. Donnelly, who handles the technical aspects of Google's SEC reporting — means that folks who just lost a ton of money ($19 billion market capitalization basically vanished in a matter of minutes) will lawyer up and sue everybody in sight.

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