Record deliveries of Model X vehicles drove Tesla’s revenue to new highs in the first quarter of 2017. The company led by Elon Musk said its revenue more than doubled to $2.70 billion from $1.15 billion and blew past analysts’ expectations. Model 3 cars were on track for initial production in July, another factor that might have helped.
Finance mogul David Einhorn said investors are ‘hypnotized’ by CEO Elon Musk.
In more earnings news: Facebook’s profit also rose more than 76 percent for the quarter, fueled by robust growth in its mobile ad business.
Check out Tesla and Facebook’s earnings by the numbers in two graphics: here and here.
Smooth ride on the interest rates front as the Federal Reserve kept its benchmark unchanged at 0.75 percent to 1 percent. The Fed said in a bullish statement that the “slowing in growth during the first quarter as likely to be transitory.”
Puerto Rico filed for the biggest ever U.S. local government bankruptcy. While it was not immediately clear just how much of Puerto Rico’s $70 billion of debt would be included in the bankruptcy, the case is sure to dwarf Detroit’s insolvency in 2013.