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Tesla Q1 Earnings Highlights: EV Giant Misses Wall Street Estimates, Makes Cost Cuts, Invests In AI, Speeds Launch Of New Models
Electric vehicle leader Tesla Inc (NASDAQ:TSLA) reported first-quarter financial results after the market close Tuesday.
Here are the key highlights.
What Happened: Tesla reported first-quarter revenue of $21.0 billion, which was down 9% year-over-year. The revenue total missed a Street consensus estimate of $22.15 billion, according to data from Benzinga Pro.
Automotive revenue was $17.38 billion in the quarter, down 13% year-over-year. Services and other revenue of $2.29 billion rose 25% year-over-year.
The company said revenue was impacted by lower average selling prices and lower vehicle deliveries in the quarter.
Earnings per share were 45 cents in the quarter, which missed a Street consensus estimate of 51 cents per share.
First-quarter deliveries and production of 386,810 units and 433,371 units, respectively, declined year-over-year and quarter-over-quarter. The figures were also below estimates from analysts.
The company said challenges in the first quarter included an arson attack at Gigafactory Berlin, the ramp-up of the Model 3 in Fremont and the Red Sea conflict.
Tesla also said global electric vehicles face pressure.
The company saw energy storage ...