Tesla Q1 2024 Earnings: Mixed Results and Uncertainty
Tesla's production and delivery gap remains significant
Tesla has released its Q1 2024 earnings results, revealing a mixed picture of the electric vehicle manufacturer's performance. While the company's revenue increased, its net income declined significantly, and its production and delivery gap widened.
Key Financial Metrics
Tesla reported revenue of $24.3 billion for Q1 2024, a 33% increase compared to the same quarter last year. However, net income dropped by 14% to $3.1 billion. The company's diluted earnings per share (EPS) came in at $0.49, slightly below the Wall Street consensus estimate of $0.52.
Tesla's production and delivery gap has been a concern for investors. In Q1 2024, the company produced 494,000 vehicles but delivered only 448,000 cars. This gap of 46,000 vehicles is higher than the previous quarter and raises questions about Tesla's ability to meet demand.
The company's shares initially reacted negatively to the earnings news, falling 5% in after-hours trading. However, Tesla's stock price has since stabilized, indicating that investors may be cautiously optimistic about the company's future prospects.
Tesla will hold a post-earnings investor call on Tuesday, April 23, 2024, at 5:30 pm. Investors and analysts will be listening closely to management's comments about the company's production, delivery, and financial outlook.
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