 Image credit: Sergio Flores for The Wall Street Journal Tesla released its Q1 2022 earnings on Wednesday after market close, beating analysts’ expectations across the board. The company reported record revenue of $18.76B, an 81% increase YoY. Automotive revenues came in at $16.86B, an 87% increase YoY. Net income came in at $3.74B or $3.22 a share. More: - Tesla delivered 310,048 vehicles in Q1, with Model 3 and Model Y vehicles comprising about 95% or 295,324 of the deliveries.
- Tesla said it has lost about a month of “build volume” due to the COVID-related shutdowns in Shanghai.
- CEO Elon Musk noted that the company would likely be able to produce 1.5 million vehicles this year.
- He warned that customers placing car orders now would face a long waitlist and may not receive their vehicle until next year.
- Tesla opened two new factories recently, one near Gruenheide, Germany, and the other outside Austin, Texas.
- Tesla shares rose over 4% in after-market trading on Wednesday.
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According to a recent study by MJBiz, a B2B cannabis industry resource, legal sales of marijuana are expected to top $33B by the end of this year. This represents a 32% increase YoY; legal cannabis sales totaled $25B in 2021. Annual sales are expected to exceed $52B by 2026. Currently, in the U.S., 37 states have approved marijuana for medicinal use, including 18 states and Washing D.C., which have also approved marijuana for recreational use. About 77% of the U.S. population lives in a state with some form of legalized cannabis. More: - On April 1, the U.S. House of Representatives passed legislation to legalize marijuana nationwide, which would eliminate criminal penalties for anyone who manufactures, distributes, or possesses the substance.
- In addition to decriminalizing marijuana nationwide, the legislation would also expunge previous convictions from people’s records and impose a tax on the sale of cannabis products.
- The legislation, called the Marijuana Opportunity Reinvestment and Expungement Act, is headed to the Senate. The same legislation did not move forward in the Senate last year.
- The economic impact of the U.S. cannabis industry is estimated to reach $100B by the end of 2022. The sector is responsible for about 520,000 jobs, and that number is expected to exceed 800,000 by 2026.
- To learn more, check out our AMA with Sam Houston, founder of CannaBuzz, which he hosted on Inside.com on April 20.
- Fun Fact: The 4/20 date marking the celebration of marijuana traces its roots to five Northern California high schoolers in 1971.
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Amsterdam-based online food delivery company Just Eat Takeaway.com is exploring selling its U.S.-based unit Grubhub. Just Eat purchased Grubhub last year in an all-stock deal valued at $7.3B. The company said it is considering taking on a strategic partner or selling a piece or the entire Grubhub unit. More: - In its Q1 2022 earnings, Just Eat reported a 5% drop in orders in North America, its largest market.
- The company also reported a 1% decline in online food orders globally.
- Just Eat had about 90 million orders in North America and 264 million orders globally.
- Just Eat operates in 23 countries, including the U.K., central Europe, Brazil, Israel, and Australia.
- Grubhub captured about 10% of the U.S. online food delivery volume in March. DoorDash and Uber captured 59% and 30%, respectively.
NOTE: Inside.com's founder and CEO, Jason Calacanis, is an investor in Uber.
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 Image Credit: Netflix Netflix shares dropped over 38% on Wednesday following its Q1 2022 earnings report. On Tuesday, the streaming giant reported a 200,000 drop in subscribers for the quarter, its first decline in 10 years, sending its stock down over 20% in after-market trading. Netflix was expecting to add 2.5 million net subscribers in Q1; the company added almost 4 million subscribers during the same period a year ago. Netflix said it expects to lose another 2 million subscribers in Q2. More: - Netflix reported $7.87B in revenue, a ~10% increase YoY.
- Net income came in at $1.6B, or $3.53 a share, down 6% YoY.
- The company said the suspension of its service in Russia resulted in a loss of 700,000 subscribers.
- Excluding this, the company would have gained 500,000 net subscribers in Q1.
- Company Co-CEO Reed Hastings said the company is exploring a lower-priced, ad-supported tier.
- Netflix has about 222 million paying households globally. It estimates over 100 million additional households are accessing the platform through account sharing.
- The company plans to crack down on account sharing soon.
- Other streaming platforms were down in morning trading on Wednesday.
- Disney was down ~5%; Paramount was down 12%, Roku was down ~7%, and newly combined Warner Bros Discovery was down ~5%.
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A consortium led by U.S.-based private equity firm KKR has offered to buy Australia’s largest private hospital operator, Ramsay Health Care, for $14.9B (20.1B Australian dollars). The consortium is offering to pay $65 a share (A$88), a 37% premium on Ramsay’s closing price on Tuesday. More: - Shareholders will get $65 (A$88) cash for every share they own, with the option of taking some of it in unlisted shares in the company.
- About 50% of the consortium’s offer could be financed with debt.
- Other consortium members were not disclosed, but people familiar with the deal said they included Australian and international sovereign and pension funds.
- Ramsay Health shares closed 24% higher on Wednesday on the news of the deal.
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Procter & Gamble released its Q3 FY 2022 earnings on Wednesday, beating analysts’ expectations on revenue and profits. The company reported net sales of $19.38B, up 7% YoY. Net income came in at $3.36B or $1.33 a share, up 6% YoY. More: - Organics sales, which exclude the impacts of foreign exchange and acquisitions and divestitures, rose 10%.
- Price increases fueled 5%.
- P&G’s Health Care unit organic sales rose 16% YoY.
- Beauty unit sales rose 3% YoY, and Grooming unit sales increased 8% YoY.
- The Fabric and Home Care unit rose 10% YoY, and the Baby, Feminine, and Family Care unit rose 10% YoY.
- P&G increased its FY 2022 revenue growth forecast from 3%-4% to 4%-5%.
- P&G shares closed at $163.65, up 2.5% for the day.
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Quick Hits - Development team buried with technical debt? Clear their burden using low-code on AWS.*
- Heineken says it will be raising beer prices as commodity and supply chain costs rise. The Dutch brewer behind Amstel and Moretti said it sold more beer than expected in Q1.
- Coinbase launched its NFT marketplace on Wednesday, called Coinbase NFT. The platform is in beta, and only invited customers are able to use the new platform.
- The CDC has asked the Justice Department to proceed with an appeal of a ruling that lifted a travel mask mandate. The CDC said it is within its legal authority to protect public health.
- According to the U.N. refugee agency, the number of people fleeing Ukraine has passed 5 million.
- The right metrics make a difference. Read our fact sheet and learn what you should be measuring to prove marketing impact.*
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Upcoming Events - April 20 - AMA on Building a Cannabis Business with Sam Houston, Founder of CannaBuzz (Register Here)
- April 26 - Need To Know NoCoder - Gautam Nimmagadda (Quixy) (Register Here)
- April 26 - Venturing in VC - Episode #16 with Alison Stillman (Serena Ventures) (Register Here)
- April 28 - Alternative Investments 2: Crypto Safety Standards (Register Here)
- May 12 - Making Metaverse Dating a Reality (Register Here)
- May 18 - Need To Know NoCoder: Jatin Arora (Utilize) (Register Here)
- May 19 - Understanding Fractionalization (Register Here)
- May 24 - Meet Our Fund 3 (Register Here)
- May 31 - Ethereum Merge with Anthony Donofrio (Ethereum) (Register Here)
- June 01 - Selling Consumer Goods in Web3 (Register Here)
- June 09 - Empowering Content Creators with No Code (Register Here)
- June 22 - Security Lessons from the Log4Shell Vulnerability (Register Here)
Check out https://inside.com/events to learn more!
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 |  | Vanessa Omeokachie is a Researcher at Inside. Her interests include finance, tech, and startups. In her free time, she enjoys reading, hiking, attending music festivals, and traveling. Connect with her on Twitter @VanessaOmeo or through email at vanessa@inside.com |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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