Tesla just posted a massive drop in annual earnings

Tesla reported earnings today and missed on both revenue and financials. The company’s net income dropped 53% in 2024 compared with 2023, and 71% in the fourth quarter. Tesla said declining average sales price and an increase in operating expenses driven by AI were responsible for the decline in profitability.

Tesla stock initially dropped down more than 3% in after-hours trading but has rebounded up to 4% as of 4:30 p.m. ET.

The company sold fewer cars than it had hoped last year, notching its first annual sales decline in more than a decade. Last quarter, Musk said sales would rise 30% this year, a hefty lift considering that even bullish investors think Tesla will only do half that.

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Report: Microsoft weighs Xbox spin-off amid major overhaul

Microsoft is reportedly considering spinning out or restructuring its struggling Xbox unit, per The Information. While new Xbox CEO Asha Sharma, who took over in February, is preparing for layoffs, she’s simultaneously planning to boost investment in its biggest franchises like “Halo,” “Fallout,” and “Minecraft.”

The latest potential shake-up comes as the gaming division battles major headwinds, following a massive 33% plunge in Q3 console sales and a recent move to slash Game Pass prices while removing new “Call of Duty” titles.

Microsoft Has Considered Spinning Out Xbox, Plans New ‘Halo,’ ‘Fallout’ Games

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AI was the top reason cited for US job cuts for the third straight month in May

Employers cited AI for nearly 40% of May’s cuts — a share that’s kept climbing since Challenger began tracking it in 2023.

robot carrying sacked mid adult businessman

Anthropic’s Mythos gets tired, hates bad users, and wants to be thanked

Reminder: these models are not people, they don’t think, and when you close the tab, the model isn’t pondering your last interaction.

Jon Keegan6/11/26

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Waymo Money

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Alphabet’s Waymo is getting into the subscription — and Uber’s — business

Waymo is hoping its new membership tier will lock in customers and get them to spend more.

Oracle Stock's Rises Sharply After Reporting Ultra High Demand For Cloud Computing Services

Oracle is trying really hard to convince investors it won’t have a debt problem

It’s coming up with new metrics to allay fears about its ballooning capex and debt load.

Rani Molla6/11/26

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