Verizon Q1 2025 Earnings Beat, Bitcoin at $66K Post-Halving, Tesla Price Cuts Impact Market

Market highlights for April 22, 2024

Monday brings lighter earnings reports ahead of major tech disclosures expected to influence market momentum. Verizon Communications (VZ) shares gained 1.5% premarket after surpassing Q1 net income expectations, reporting $4.72 billion against the predicted $4.61 billion. Despite slightly missing revenue estimates at $32.98 billion, Verizon’s growth in 5G and broadband remains strong with 151,000 fixed wireless net additions, a 10.2% rise year-over-year, and a broadband subscriber count reaching 11.1 million.

1. Verizon Shares Climb After Strong Q1 Performance

Verizon’s first-quarter earnings impress investors as the company continues to expand its 5G network and broadband services. The firm reported diluted earnings per share of $1.09 in line with forecasts, showcasing robust operational momentum despite a slight revenue shortfall.

2. Bitcoin Stabilizes Near $66,000 Following Halving Event

Bitcoin (BTC) held steady around $66,000 after the fourth halving event on Friday, which reduced new bitcoin issuance and miner rewards by half. This supply reduction, with a capped total supply of 21 million bitcoins, could influence price dynamics as market participants adjust.

3. Tesla Stock Drops After Global EV Price Reductions

Tesla (TSLA) shares fell over 3% premarket after slashing prices for its 3, Y, X, and S models across key markets including the U.S., Germany, and China. The Model Y’s price in China dropped to 249,900 yuan ($34,500), intensifying competition in the world's largest EV market. Rival Li Auto (LI) responded by cutting prices up to 30,000 yuan ($4,144), causing significant share declines.

4. U.S. Commerce Secretary Minimizes Huawei’s Chip Advances

Commerce Secretary Gina Raimondo stated in a 60 Minutes interview that Huawei’s recent phone microchip remains years behind U.S. technologies. She emphasized America's leadership in semiconductor innovation, including contributions from Taiwan, despite Huawei’s release of a 5G-capable Mate 60 Pro amidst export restrictions.

5. Salesforce Shares Rise After Informatica Acquisition Talks End

Salesforce (CRM) shares gained over 3% following reports that acquisition discussions with data management firm Informatica (INFA) have collapsed. The deal, which involved a mid-$30s per share offer, fell through due to disagreements on terms. Informatica shares dropped more than 6% in premarket trading.

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