Tesla Earnings Report: Revenue Fell to $21.3 Billion, Adding to Strategy Concerns [The New York Times]
Tesla, Inc. (TSLA)
Last tesla, inc. earnings: 4/29 04:11 pm
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Source: The New York Times
Tesla reported on Tuesday that it made significantly less money in the first three months of the year because of its tepid car sales, reinforcing concern among investors that the company led by Elon Musk is losing ground in the market for electric vehicles.Profit fell 55 percent, to $1.1 billion, from the first quarter of 2023, the company said. And revenue fell 9 percent, to $21.3 billion.A slump in earnings was seen as inevitable after Tesla said this month thatsales in the first quarterlay off more thanA year ago, in the first quarter of 2023, Tesla said it made $2.5 billion and had one of the best profit margins in the industry. But the company has been forced to cut prices, including in a new round last week, lowering the amount it makes on each car it sells. For a while, that strategy seemed to help bolster the company’s sales but Tesla now appears to be struggling to attract buyers even with lower prices.Tesla’s operating profit margin in the quarter was 5.5 percent, half as mu
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- 7/25/24 - Form 144
- TSLA's page on the SEC website