Shares in electric vehicle maker Tesla dropped more than 4% after the company reported first-quarter earnings after the bell Wednesday. Here are the results.
- Earnings per share: 85 cents adjusted vs 85 cents expected, according to the average analyst estimate compiled by Refinitiv
- Revenue: $23.33 billion vs $23.21 billion expected, according to Refinitiv estimates
Tesla said net income fell 24% to $2.51 billion, or 73 cents a share, from $3.32 billion, or 95 cents a share, a year ago.
The company specified in a shareholder deck that “underutilization of new factories” stressed margins, along with higher raw material, commodity, logistics and warranty costs, and lower revenue from environmental credits, all contributing to the drop in earnings from last year.
Automotive revenue, Tesla’s core segment, reached $19.96 billion in the quarter, up 18% from last year. Total revenue rose 24%. Revenue from automotive regulatory credits during the first three months of 2023 amounted to $521 million, down from $679 million in the first quarter of last year.
https://www.cnbc.com/2023/04/19/tesla-tsla-earnings-q1-2023.html