Finansia Syrus Securities (FSS) expected the Thai stock market to edge lower within the range of 1,420-1,430 points, following the negative trend in global markets. The Thai stock market lacks positive catalysts to drive the index higher, while being pressured by US bond yields, especially the 10-year Treasury yield that rose to 4.93%, its new high in two weeks. The conflict in the Middle East between Israel and Hamas remains unsolved and no positive development, resulting in a limited recovery in risk assets.
Tesla reported lower than expected earnings in the third quarter as net income was reported at $1,853 million, decreased 44% from the same period of last year. However, revenue showed slight growth by 9% to $23,350 million in 3Q23.
The stock price fell 4.78% on Wednesday, but rose more than 2.4% in an early after-hours trading when the earnings report was announced. However, stock prices plunged more than 4% after the CEO Elon Musk noted that the long-awaited Cybertruck would not deliver significant positive cashflow for 12 to 18 months after production begins.
Tesla’s earnings per share was $0.66 per share adjusted vs. $0.73 per share expected. Meanwhile, revenue was $23.35 billion vs. $24.1 billion expected. This is the first time that Tesla missed both earnings and revenue expectations since the financial report for the second quarter of 2019.
Netflix reported surging growth in the third quarter as subscribers grew from the company’s earlier crackdown efforts to prevent password-sharing.
The share price of Netflix rose nearly 13% in an after-hours trading after the earnings report.
Netflix added 8.76 million global subscribers during the third quarter, much higher than 5.49 million expected by Wall Street. This is the biggest quarterly net add in subscribers since the second quarter of 2020 that added 10.1 million during the pandemic.
Moreover, Netflix announced that it will increase the price for its premium service by 15% to $22.99 per month.
