On Tuesday evening local time, Tesla presented its figures for the first quarter. Analysts’ expectations were lowered and the day was described as a fateful day. It turned out that the mood was justified – the numbers were even worse than expected.
Tesla reported adjusted earnings of 45 cents per share, compared to analysts’ average forecast of 51 cents per share.
The turnover for the first quarter landed at roughly 21.3 billion dollars, corresponding to approximately 240 billion kroner. This means a decrease of 9 percent compared to the same period last year. CNBC reports that it is the company’s biggest decline since 2012.
In a statement, Tesla says that they will now increase the pace of the launch of new cars, and among these “more affordable models” that can be produced in the same production lines as the current ones.
So far this year, the company’s stock has fallen by 40 percent, and in early April, Tesla reported that sales for the first quarter were down 8.5 percent, compared to the year before.
Despite Tesla missing analysts’ expectations, the stock rose in after-hours trading in New York. The rise gained extra speed when Elon Musk revealed at the report conference that the company aims to produce budget models as early as the beginning of 2025.
The stock rose by 13 percent in after-market trading.
