Tesla's Q3 flop; Netflix's price hike; Rivian's plunge: Weekly tech roundup
Investing.com -- Here is your weekly Pro Recap on the biggest headlines out of a big earnings week for tech: Tesla's miss and price cut; Netflix's price bump; Apple's new China App Store policy; Rivian's debt offering.) on Monday missed EV delivery estimates after summer upgrades to its factories, reporting 435,059 vehicles in Q3 vs. Wall Street expectations for 456,722.manufactured a total of 430,488 vehicles during the quarter, below the estimate of 461,992.
Later in the week, the company also announced it would once again reduce prices on some of its popular EVs in the US, cutting its price on the Model 3 sedan to $38,990 from $40,240, and on its long-range Model 3 to $45,990 from the prior $47,240. Citing sources familiar with the matter, the WSJ said it believes Netflix will likely begin the price bumps in the US and Canada, although they are unsure how much the price will be lifted by or when they will take effect.
The company also said it currently expects Q3 sales to come in between $1.29B and $1.33B, slightly below market expectations.
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