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Good Morning!
Happy Monday! Have a great week:
👉 The Bitcoin Halving
👉 Verizon’s earnings are in
👉Tesla Cybertruck recall
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BITCOIN: The Halving
The recent Bitcoin "halving" update has halved the rewards for miners, potentially impacting companies that ensure the cryptocurrency operates securely. This adjustment took effect at 8:10 p.m. last Friday in New York, based on data from analytics websites mempool.space and Blockchain.com. It reduced the daily Bitcoin rewards payout from 900 to 450. Bitcoin's price stayed stable around $64,000 despite the change.
Source: Fast Company
Designed by Bitcoin's creator, Satoshi Nakamoto, the halving aims to prevent inflation by capping the total number of Bitcoins at 21 million. Each halving decreases the inflationary impact of new tokens; the next cycle will add just 3.3% to the total Bitcoin supply.
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EARNINGS: Verizon Communications
Verizon Communications surpassed profit expectations and increased wireless service revenue, despite losing more retail phone customers than anticipated. The company reported first-quarter earnings of $1.15 per share, exceeding analysts' estimates of $1.12, though its $33 billion in operating revenue was slightly below the expected $33.2 billion.
Source: WSJ
Verizon has been working to attract more subscribers by simplifying data plan pricing and offering perks like bundled streaming services. Despite losing 158,000 consumer wireless customers in the quarter, Verizon achieved its best first-quarter performance since 2018, with wireless service revenue up 3.3% to $19.5 billion. The company's internet segment also grew significantly, adding 437,000 broadband subscribers, the most in over a decade. This is due to its fixed wireless and FiOS services. This growth highlights Verizon's strong performance in broadband expansion.
TESLA: Cybertruck Recalled
Tesla has recalled 3,878 Cybertruck pickups to fix or replace accelerator pedals that can dislodge, increasing the risk of unintended acceleration and potential crashes. The company received two complaints about this issue and will repair the pedals for free. Tesla's stock has fallen ~40% this year.
Source: Ars Technica
This recall offers a first look at Cybertruck sales since Tesla CEO Elon Musk began deliveries in November. Tesla has not yet reported specific sales figures for the model. Musk estimates it will take 12 to 18 months to significantly increase production of the Cybertrucks, with a target production rate of 250,000 pickups not expected until next year.
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