Tesla Reports Mixed Q1 2024 Results: Profit Misses Estimates
Earnings Overview
Tesla recently unveiled its financial performance for the first quarter of 2024. While the electric automaker reported a net profit, it missed analysts' revenue and automotive gross margin estimates.
Revenue Decline
Tesla's revenue dropped by 9% year-over-year to $, marking the sharpest decline since 2012. The company attributed this decline to factors including seasonal factors and supply chain challenges.
Profitability Remains
Despite the revenue decline, Tesla maintains profitability. The company reported a net profit of $, marking its 18th consecutive profitable quarter.
Accelerating Affordable Models
In addition to its financial results, Tesla announced plans to accelerate the launch of more affordable models. This move aims to expand the company's market reach and cater to a wider range of consumers.
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