Tesla reported earnings after the bell. Here are the results.
Earnings per share: 85 cents adj. 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
Net income came in at $2.51 billion, down 24% from last year, while GAAP earnings came in at $0.73, down 23% from the year-ago quarter.
Automotive revenue, Tesla’s core segment, reached $19.96 billion in the quarter.
Tesla’s first-quarter earnings call will be livestreamed via Twitter, a first for the electric vehicle maker. CEO Elon Musk sold billions of dollars worth of his Tesla holdings in 2022 to finance a $44 billion buyout of the social media company, where he is now also CEO.
The company cut prices on its vehicles at the end of last year and into the first quarter of 2023, including additional cuts Tuesday night. At the same time, Tesla is charting ambitious plans for expansion and increased capital expenditures.
Revenue in the quarter likely increased 24% from $18.76 billion a year earlier, according to Refinitiv estimates.
Tesla currently sells four EV models, which are produced at two vehicle assembly plants in the U.S., one in Shanghai and another outside of Berlin.
Shareholders who submitted questions ahead of the earnings call for management’s consideration were seeking updates on the company’s trapezoidal, sci-fi inspired Cybertruck, the company’s energy division, and the timing for a new model vehicle from Tesla.
In early April, Tesla reported vehicle deliveries of 422,875 vehicles in the first quarter, the closest approximation of sales disclosed by the company. Production was slightly higher than deliveries for the first three months of 2023 at 440,808 vehicles.
A month earlier, Musk announced plans to build a Tesla factory in Monterrey, Mexico, a day’s drive from a relatively new factory in Austin, Texas. And more recently, Tesla said it plans to set up a factory to make Megapacks, or large lithium ion battery-based energy storage systems, in Shanghai.
According to a financial filing published in late January, Tesla expected to spend between $7 billion and $9 billion in 2024 and 2025, an increase in capital expenditures of about $1 billion in the next two years.
Tesla shares have rebounded this year from a dismal 2022, when they lost about two-thirds of their value alongside a plunge in tech companies. The stock is up 48% in 2023.
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