Tesla's first
Tesla’s first-quarter net income plummeted 55% as falling global sales and price cuts sliced into the electric vehicle maker’s revenue and profit margins.
The Austin, Texas, company said it made $1.13 billion from January through March compared with $2.51 billion in the same period a year ago.
Revenue was $21.3 billion, down 9% from last year as worldwide sales dropped nearly 9% due to increased competition and slowing demand for electric vehicles. Tesla also blamed an arson attack at its German plant and factory downtime as it switched factories to an updated version of the Model 3 sedan.
Excluding one-time items such as stock-based compensation, Tesla made 45 cents per share, falling short of analyst estimates of 49 cents, according to FactSet.
The company’s gross profit margin, the percentage of revenue it gets to keep after expenses, fell once again to 17.4%. A year ago it was 19.3%, and it peaked at 29.1% in the first quarter of 2022.
Related articles
French sports minister calls for sanctions after Monaco player tapes over anti
PARIS (AP) — France’s sports minister has called for soccer club Monaco to be sanctioned after one o2024-05-21Everybody may love Raymond, but Ray Romano loves Peter Boyle
NEW YORK (AP) — “Baffling” is how Ray Romano calls the continued success of “Everybody Loves Raymond2024-05-21Sweden beats France, Britain relegated after losing to Norway at hockey worlds
PRAGUE (AP) — Sweden beat France 3-1 to preserve a perfect record at the ice hockey world championsh2024-05-21Kevin Pillar gets 1,000th career hit in Angels' win at Texas
ARLINGTON, Texas (AP) — Kevin Pillar tucked a keepsake ball into his bag from his 1,000th career hit2024-05-21Jon Wysocki dead at 53: Staind drummer passes away
The music world is in mourning this Sunday, with word that original Staind drummer Jon Wysocki passi2024-05-21Storms damage homes in Oklahoma and Kansas. But in Houston, most power is restored
WICHITA, Kan. (AP) — Fast-moving storms with strong winds, large hail and apparent tornadoes swept O2024-05-21
atest comment