Employees of the Tesla Gigafactory Berlin Brandenburg work on the final inspection of the finished Model Y electric vehicles. The Tesla plant was opened and put into operation on March 22, 2022.
Patrick Pleuil | Picture Alliance | Getty Images
Shares in electric vehicle makers Tesla dropped 4% after the company reported first-quarter 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 73 cents, down 23% from the year-ago quarter.
Tesla 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 was up 24%.
Tesla Energy revenue soared to $1.53 billion, up 148% compared to the same period last year. Tesla’s energy storage systems deployment increased to 3.9 GWh, or by 360% the company said. These lithium-ion battery based energy storage systems, made by Tesla, include the home backup battery, called the Powerwall, and the utility-scale Megapack system which enables utilities to store adn use more energy generated from renewable, but intermittent, sources like solar and wind.
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
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