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Tesla (TSLA) Q1 earnings report 2023

Tesla reported a 24% drop in net income to $2.51bn in Q1, sending shares down more than 4%. Earnings per share, adjusted for one-time gains and costs, amounted to $0.85, versus $0.73 per share a year earlier, which beat analysts’ estimates. Automotive revenue, Tesla’s core segment, reached $19.96bn, up 18% from last year. Total revenue rose 24%. On an earnings call, CEO Elon Musk emphasised an “uncertain” macroeconomic environment that could impact people’s car-shopping plans. Tesla Energy revenue soared to $1.53bn, up 148% compared with the same period last year. Shares in the company had rallied in 2023 after a dire 2022 in which they lost about two-thirds of their value. Tesla shares are up 48% this year.

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