US Earnings season: Tesla's profit drops & Alphabet exceeds expectations

Earnings season is back again, with US companies first up on chopping block. Overnight last night, Musk's EV company Tesla, and tech giant Alphabet released their most recent earnings reports.

Q2 Total sales: Rose 2% to $25.5bn, ahead of expectations of $24.8bn on Wall Street

Q2 Company profit: Dropped 45% to $1.48bn, the lowest profit margin in 5 years

Q2 Automotive gross margin: 14.6% vs. analysts' estimates of 16.29% (20 analysts polled by Visible Alpha)

1. Self-driving software for Tesla vehicles without human supervision forecasted for 2025

2. Musk says Tesla likely to win approval for "supervised" FSD in China, Europe this year

3. Robotaxi unveiling delayed until Oct. 10 due to pending vehicle improvements

Q2 Total sales: Rose 14% from last year to $84.7 billion, exceeding analyst estimates of $84.1 billion (FactSet)

Q2 Company profit: Climbed 29% to $23.6 billion, compared to analyst expectations of $22.7 million

Q2 Advertising sales: Rose 11% to $64.6 billion (their chief revenue source)

Q2 Cloud computing: Spending, rose 28.8% to $10.35 billion, with analysts expecting $10.16 billion

1. Alphabet CEO Sundar Pichai told investors AI products could soon drive revenue rather than just help companies through cost-cutting and greater efficiency

2. Google's $23 billion buyout of cybersecurity firm Wiz is no longer going ahead (confirmed by Wiz)