Tesla Tumbles, Alphabet’s Ad Miss, ‘Cracks’ In the Economy? 7/24/24

Squawk on the Street

Carl Quintanilla, Jim Cramer and David Faber began the show by breaking down the tough quarters for Tesla and Alphabet, dragging both stocks lower at the open. Tesla posted a profit drop for the second straight quarter, while the company’s auto revenue dropped 7% year-over-year. Although Alphabet topped earnings estimates, shares of the tech giant were under pressure after the company missed its YouTube advertising revenue expectations. The desk also turned to the consumer; Visa reported results saying spending remains strong, while the JPMorgan desk said it sees signs the macro-economic picture may be ‘cracking.’ After the bells the anchors worked in some other big earnings, including AT&T getting a boost after beating estimates for subscriber additions on demand for higher-priced plans.

Squawk on the Street Disclaimer