Tesla earned $2.5 billion, or 73 cents a share, in the first quarter, compared with $3.3 billion, or 95 cents a share, in the year-ago period. $TSLA dropped in the extended session after the EV maker missed quarterly expectations for its revenue:
Tesla Inc. stock dropped more than 4% in the extended session Wednesday after the electric-vehicle maker missed quarterly expectations for its revenue and saw adjusted profit margins drop in the quarter.
The EV maker said it expected to “remain ahead” of its long-term goal of increasing its production rate by 50% annually, producing 1.8 million vehicles in 2023. The company ended the quarter with cash and equivalents as well as investments of $22.4 billion, $217 million more than at the end of the fourth quarter.Tesla is aiming “to leverage our position as a cost leader. We are focused on rapidly growing production, investments in autonomy and vehicle software, and remaining on track with our growth investments.”
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