Published - October 20, 2022 @ 2:18 PM (EET)

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Tesla rained on the earnings parade after posting disappointing results, citing a strong dollar and production and delivery bottlenecks as reasons for the miss.

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Over at IBM and P&G, the party was on, with both beating analyst expectations.

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Here's what you need to know in today's markets:

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• Tesla Shares Fall on Sales Miss and troublesome quarter

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Tesla Inc. (NASDAQ:TSLA) reported sales that fell short of Wall Street estimates, citing delivery and production bottlenecks and prompting Elon Musk to assure investors that demand for his company’s cars remains strong.

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Getting cars onto ships and trucks proved especially costly and troublesome in the latest quarter, making it difficult for Tesla to deliver all the vehicles. Tesla said third-quarter revenue rose to $21.5 billion compared with analysts’ projections of $22.1 billion.

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Elsewhere, Musk said on the call that Tesla could repurchase $5 billion to $10 billion of its shares and speculated that Tesla’s market value, now at $696 billion, could one day exceed the combined capitalization of Apple Inc. and Saudi Aramco.

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Following the results, shares of Tesla fell 5.3% in postmarket trading.

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• IBM expects to exceed annual revenue target 

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IBM Corp. (NYSE:IBM) beat quarterly earnings estimates on Wednesday and said it expects to exceed full-year revenue growth targets as robust demand for the company's digital services helps cushion the blow from a strong dollar.

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The IT software and services provider has been focusing on the so-called "hybrid cloud" after spinning off its legacy IT-managed infrastructure business and posted double-digit growth across all its segments and geographies on a constant-currency basis in the third quarter.

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IBM, whose cloud revenue rose 11% to $5.2 billion in the quarter, now expects the company's annual sales to increase more than its previous estimate of mid-single-digit growth at constant currency.

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The company also increased its full-year estimate for foreign exchange impact to 7% from 6%. 

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• P&G Sales Beat Estimates While Inflation Eats Into Profit

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Procter & Gamble Co. (NYSE:PG) posted sales that beat analyst estimates but warned that full-year earnings would come in at the low end of its forecast because of currency changes and higher inflation.

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P&G, the maker of Pampers diapers, reported $20.6 billion in sales in the quarter and although revenue rose, volume declined from a year ago, indicating that gains are being powered by higher prices to consumers.

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The company now sees profit toward the lower end of its forecast range of $5.81 to $6.04 in its current fiscal year. Foreign exchange and higher material and commodity costs are seen adding an extra hit of $3.9 billion after-tax this year.

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Organic revenue growth, excluding foreign exchange, acquisitions and divestitures, rose 7%.

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Shares climbed as much as 3.2%, their biggest intraday gain since Aug. 1.

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