Electric vehicle giant Tesla Inc. (NASDAQ: TSLA) Tuesday reported lower revenues and earnings, on an adjusted basis, for the first quarter of 2024.
The Austin-based carmaker said its first-quarter revenues decreased 9% year-over-year to $21.30 billion. The top line also missed estimates. The company produced a total of 433,371 vehicles during the three months and delivered 386,810 units.
Earnings, excluding one-off items, dropped to $0.45 per share in the March quarter from $0.85 per share a year earlier. Unadjusted net income came in at $1.13 billion or $0.34 per share in Q1, compared to $2.51 billion or $0.73 per share in the corresponding period of 2023. The bottom line fell short of analysts’ estimates.