It's a rough start to the new month for Wall Street, as major U.S. stock indices plunged by midday Friday, setting the stage for a negative weekly close.
The vaccine maker lowered its full-year revenue guidance to a range of $1.5 billion to $2.2 billion, reflecting a $300 million reduction at the high end of the range.
CEO Stéphane Bancel said in a note to employees on Thursday that the move is part of the company’s commitment to reduce annual operating expenses by about $1.5 billion by 2027.
For the full year, the company raised its adjusted and diluted earnings per share guidance to $11.88 to $12.08, up from its previous guidance of $11.67 to $11.87.
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According to Black, a smaller pickup could add 420,000 incremental units per year to Tesla deliveries with little or no cannibalization on the other EV models of the company, provided that the Cybertruck has limited consumer appeal.
Risk appetite took a breather Tuesday, with major U.S. stock indices retreating modestly from record highs as investors braced for a pivotal stretch of earnings and macro events.
