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
Revealed: Ministers considered a Rwanda
Ministers considered a Rwanda-style migrant deal with Iraq, it has been claimed.Leaked correspondenc2024-05-08Antiwar protesters' calls for divestment at universities put spotlight on endowments
“Divest from death” read the bubble letters written in chalk on the sidewalk on Tuesday outside of T2024-05-08Nearly 500 movies compete at Silk Road film festival
FUZHOU, Sept. 25 (Xinhua) -- The 10th Silk Road International Film Festival has attracted nearly 5002024-05-08- ADELAIDE, Australia (AP) — Jinichiro Kozuma birdied his first three holes in a bogey-free round of 92024-05-08
Mother of Australian surfers killed in Mexico gives moving tribute to sons
MEXICO CITY (AP) — The mother of two Australian surfers killed in Mexico delivered a moving tribute2024-05-08- LOS ANGELES (AP) — The average long-term U.S. mortgage rate climbed this week to its highest level s2024-05-08
atest comment