Company news: Tesla’s (TSLA) quarterly results miss analysts’ expectations

Tesla (TSLA) reported Q1 FY2024 earnings of $0.45 per share (versus $0.85 per share in Q1 FY2023), missing analysts’ consensus estimate of $0.49 per share.

The company’s quarterly revenues amounted to $21.301 bln (-8.7% y/y), missing analysts’ consensus estimate of $22.220 bln.

Tesla's gross margin was 17.4% in the Q1 FY2024, down 199 bps y/y.

On a conference call with investors/analysts, the company pledged to begin production of "affordable models" in early FY2025.

TSLA rose to $161.86(+11.87%) in pre-market trading.

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