20 Apr 2023

Tesla net income and earnings drop more than 20% from last year

Tesla’s Q1 2023 revenues and profits came in very close to expectations, based on a survey of analysts from Refinitiv. Tesla specified in a shareholder deck that “underutilization of new factories” stressed margins, along with higher raw material, commodity, logistics and warranty costs, and lower revenue from environmental credits, all contributing to the drop in earnings from last year. Shares in electric vehicle maker Tesla dropped more than 4% after the company reported first-quarter earnings after the bell. Here are the results. $TSLA Tesla Q1 FY23: • Revenue +24% Y/Y to $23.3B ($60M miss). • Gross margin 19% (-10pp Y/Y). • Operating margin 11% (-8pp Y/Y). • Capex +17% Y/Y to $2.1B. • Free cash flow -80% Y/Y to $0.4B. • Non-GAAP EPS $0.85 (in-line). • Deliveries +36% Y/Y to 422,875. Source: App Economy Insights, CNBC


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