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Tesla Q1 Earnings Highlights: EV Giant Misses Wall Street Estimates, Makes Cost Cuts, Invests In AI, Speeds Launch Of New Models

Benzinga ·  Apr 23 16:35

Electric vehicle leaderTesla Inc(NASDAQ:TSLA) reported first-quarter financial results after the market close Tuesday.

Here are the key highlights.

What Happened:Tesla reported first-quarter revenue of $21.0 billion, which was down 9% year-over-year. The revenue total missed a Street consensus estimate of $22.15 billion, according to data from Benzinga Pro.

Automotive revenue was $17.38 billion in the quarter, down 13% year-over-year. Services and other revenue of $2.29 billion rose 25% year-over-year.

The company said revenue was impacted by lower average selling prices and lower vehicle deliveries in the quarter.

Earnings per share were 45 cents in the quarter...

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