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2024-04-24 04:12:14 Tesla (TSLA.US) reported that its 1Q24 revenue fell 9% year-on-year to US$21.3 billion, missing market estimates of US$22.15 billion and marking the biggest quarterly drop in revenue since 2012. The company planned to speed up the launch of affordable models, shoring up the stock by nearly 7% once after the trading session. Net profit for the quarter sank 55% year-on-year to US$1.129 billion, while adjusted EPS came in at a weaker-than-expected US45 cents. The company said in the results that it is accelerating the launch of new vehicles, including more affordable models, with the aim of fully utilizing existing capacity and achieving a more than 50% increase in production over last year's level before investing in a new production line. ~ AAStocks Financial News Web Site: www.aastocks.com | |