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Tesla experienced a 13% decline in vehicle sales in the first quarter, marking its worst performance since 2022, with deliveries totaling 336,681 vehicles, falling short of analyst expectations. Factors contributing to this slump include an aging vehicle lineup, increased competition, and backlash against Elon Musk's political actions. Despite deep discounts and incentives, the company faces ongoing challenges, including factory downtime and market share loss to rivals, while investor sentiment remains volatile amid speculation about Musk's future in government.
Lloyds and Close Brothers face significant scrutiny as the UK's Supreme Court hears a case regarding motor finance mis-selling, which could lead to substantial compensation claims for borrowers due to undisclosed commissions. Analysts estimate Lloyds may need to set aside up to £6 billion, with current provisions at £1.2 billion and expected additional charges of £1.3 billion. The outcome, anticipated in several months, could impact multiple lenders in the sector.
Shareholders of Barclays and NatWest are anticipating annual results amid a positive trading environment, with Barclays expected to report a pre-tax profit of £8.1bn, up from £6.6bn, and a dividend of 8.6p per share. NatWest is forecasted to post a pre-tax profit of £6.1bn, slightly down from £6.2bn, benefiting from lower impairments as interest rates ease. Both banks will address the impact of recent interest rate cuts on their trading outlook.
Alphabet reported a 35% surge in its cloud business and a 10% increase in digital ad sales, driven by election-related spending on YouTube. Despite strong earnings of $2.12 per share, analysts predict a decline in Google's ad market share as competition intensifies, particularly from Amazon and TikTok. Total revenue rose 15% to $88.27 billion, surpassing expectations.
Matt Britzman
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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