Elon Musk is ready to get back to work.
"FREE AMERICA NOW," Musk tweeted April 29, the day his company was to report earnings, to expectations of analysts tracked by Zacks Investment Research of losses of -$1.57 per share. But what's less clear is how quickly and to what demand level Tesla ($TSLA) can return - and, whether or not it can get on a path to profitability.
Tesla has cut nearly 30% of job postings from its March high - one that saw job postings and production rising to levels not seen since 2018, according to data. This comes in a year where Tesla crushed market expectations, saw shares hit hard by the pandemic, and then still rebounded leading up to its earnings report for more than 80% on the year, putting its performance far ahead of market benchmarks.
In California, where Musk tried to reopen - then backed away from plans to restart - a Fresno factory, job postings are down slightly less, about 22%. However, in California, our data (not shown) reflects that the decline in job postings has stopped, and Tesla has begun to add a handful of additional openings.
It's not unique to Tesla - regardless of where it, or Musk, believes it is in the reopening process. Volvo, which is ramping up Swedish operations as it prepares to bring production back fully online, has seen little in the way of new job openings after deep cuts that accompanied the pandemic's onset.
And if Tesla is looking to get back to business with fewer job postings, that's not the only place it's trimming expenses. CNBC reported April 29 that the electric automaker is also eliminating an insurance policy that now forces board members to depend on Musk to cover their legal expenses.
About the Data:
Thinknum tracks companies using the information they post online - jobs, social and web traffic, product sales, and app ratings - and creates data sets that measure factors like hiring, revenue, and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.