Topline
Shares of Tesla dipped in after-hours trading Wednesday following the release of first-quarter earnings topline numbers that were largely in line with Wall Street’s expectations, though the company slightly beat revenue estimates and fell a bit short of expected profit.
Tesla’s earnings report Wednesday was a bit of a mixed bag for investors. (Photo by Smith … [+]
Key Facts
Tesla’s $23.33 billion in first-quarter revenue slightly topped a $23.21 billion estimate, while its $0.85 reported earnings per share were exactly in line with analyst forecasts.
The company’s first-quarter profit—$2.51 billion—did come below expectations of $2.6 billion, and represented a 24% decline from the same period last year.
Tesla also reported its automotive regulatory credits—given to carmakers to promote zero-emission vehicles—dropped 23% from last year to $521 million, while its free cash flow cratered 80% from the same period last year to $441 million.
Tesla’s share price declined around 4.8% in the 15 minutes after the market closed Wednesday, before starting to recover.
By 4:30 p.m. Eastern time the price has risen back to $174—still down 3.6% from Wednesday’s close.
What To Watch For
Tesla plans to hold its earnings call on Twitter at 5:30 p.m. Eastern time.
This is a developing story. Check back for updates.
Source: https://www.forbes.com/sites/nicholasreimann/2023/04/19/tesla-beats-revenue-estimates-but-stock-still-drops-after-earnings-report-released/