Tesla Q1 Results: Net profit drops 71%, revenue falls 9%; Stock price jumps as Elon Musk to reduce White House role
Tesla reported a 71% year-on-year decline in first-quarter profit, as weakening automotive demand and geopolitical uncertainties weighed on the electric vehicle (EV) maker’s performance. The company posted a net profit of $409 million for the January–March period, falling short of analyst expectations.
Revenue for the quarter declined 9% year-on-year to $19.34 billion, compared to consensus estimates of $21.11 billion, according to LSEG data. Operating income stood at $399 million for the period.
Adjusted earnings came in at 27 cents per share, missing the average analyst forecast. Automotive gross margin, excluding regulatory credits, fell to 12.5%, down from 13.6% in the previous quarter, based on Reuters’ calculations.
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