News

Earnings Results: Tesla’s first-quarter sales rise more than 70%

0

Tesla Inc. stock edged lower late Monday after the Silicon Valley electric-car maker reported first-quarter profit above expectations, but sales missed the mark slightly.

Tesla
TSLA,
+1.21%

said it earned $438 million, or 39 cents a share, in the quarter, compared with $16 million, or 2 cents a share, in the year-ago quarter. Adjusted for one-time items, the company earned 93 cents in the first quarter.

Sales rose 74% to $10.39 billion, from $5.99 billion a year ago.

Analysts polled by FactSet had expected the company to report adjusted earnings of 75 cents a share on sales of $10.48 billion.

It was a seventh straight quarter of profit for Tesla. The company has scheduled a conference call with analysts for 5:30 p.m. Eastern. The call will be webcast.

Don’t miss: Tesla and Big Tech are about to rev up the busiest week of earnings season

Tesla earlier this month reported first-quarter deliveries that zoomed past analyst expectations, but the stock has been volatile in recent sessions.

See also: Here’s Elon Musk’s ‘SNL’ opening monologue (as redacted by the SEC)

A recent fatal crash involving a Tesla vehicle in Texas where authorities believe no one was at the wheel has drawn renewed scrutiny to Autopilot, Tesla’s suite of advanced driver-assistance systems.

Autopilot has been criticized in some quarters for giving some drivers a false sense of security, and for its name implying self-driving abilities well beyond the suite’s current capabilities.

U.S. safety regulators are investigating several accidents involving Tesla vehicles in which Autopilot may have been involved. Tesla makes it clear that drivers engaging Autopilot have to remain alert and prepared to take over at any time.

The stock has gained 410% in the past 12 months, compared with gains around 48% for the S&P 500 index
SPX,
+0.18%

in the same period.

: NFL and audio platform Clubhouse agree to content deal for NFL draft

Previous article

: GameStop’s latest big day picks up steam after hours with $551 million stock offering

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in News