This morning we had earnings from Facebook (FB) - Get Meta Platforms Inc. Report , Microsoft (MSFT) - Get Microsoft Corporation Report , Tesla (TSLA) - Get Tesla Inc. Report , 3M (MMM) - Get 3M Company Report , Comcast (CMCSA) - Get Comcast Corporation Class A Common Stock Report , Southwest (LUV) - Get Southwest Airlines Company Report and more.
Jim Cramer and ActionAlertsPlus.com research analyst Zev Fima are back to break down what it all means for your portfolio and what investors need to do next.
Time to Like Facebook?
Wednesday night, Facebook surged on a strong set of first quarter earnings. The social media giant reported earnings per share of 85 cents on revenues of $15.08 billion.
Almost as a footnote, Facebook also said it has set aside $3 billion as part of ongoing legal proceedings with the FTC, which impacted earnings. Despite the potential size of the fine, expected anywhere between $3 and $5 billion, Cramer doesn't seem worried, likening it to a library fine for the massive social media company.
Can Tesla Return to Profitability?
During its much-delayed and always Tweet-worthy earnings report, Tesla reported quarterly revenue of $4.54 billion and an adjusted loss of $2.90. Analysts polled by FactSet expected revenue of $5.42 billion and an adjusted loss of $1.15 per share.
Responding to analyst questioning during its earnings conference call, Tesla attributed the wider-than-expected-loss to changes in production and noted that the automaker plans to return to profitability in the third quarter of 2019.
Cramer isn't so confident that Tesla will deliver for investors, describing CEO Elon Musk as the "master deflector," and saying that Musk does whatever he can to throw analysts off during conference calls. "He is P.T. Barnum," Cramer said.
Recapping This Morning's Earnings
Cramer breaks down what some of the biggest earnings reports Thursday morning mean for the markets including Comcast, 3M, and Southwest.