Tesla’s first-quarter revenue of $21.301 billion fell 9% year-on-year, and net profit fell 55% year-on-year

According to news from this site on April 24, Tesla released its first quarter financial report for 2024 after the market closed today, detailing its performance for the quarter.

Before the release of this financial report, Tesla had just experienced a challenging quarter. Tesla produced 433,300 vehicles and delivered 386,800 vehicles in the quarter, below analysts’ expectations of 449,100 deliveries and 452,900 production. Tesla pointed out in its first-quarter vehicle delivery and production report that part of the reason for the lower-than-expected output and delivery was the early stages of upgrading the Model 3 at the Fremont plant, as well as the shipping diversion and suspension of production due to the Red Sea conflict and the Berlin Super Arson attacks on factories.

The following is a summary of Tesla’s first quarter 2024 financial report:

• Revenue: Tesla’s total revenue in the first quarter was US$21.301 billion, including the automotive business Revenue was $17.3 billion. Bloomberg analysts had expected Tesla's total revenue to reach $22.31 billion. Tesla's total revenue fell 9% year-on-year in the first quarter due to factors such as a year-on-year decline in average selling prices, fewer deliveries, and slower growth in the company's other business segments.

• Earnings per share is Tesla’s first quarter 2024 non-GAAP earnings per share of $0.45, compared with GAAP EPS of $0.45 The gain was $0.34. By comparison, Bloomberg analysts had expected Tesla to post adjusted earnings of $0.52 per share.

• Profit: Tesla’s net profit in the first quarter of 2024 was US$1.144 billion, a significant decrease compared with the net profit of US$2.539 billion in the same period last year; net profit attributable to ordinary shareholders The profit was US$1.129 billion, while the net profit attributable to ordinary shareholders in the same period last year was US$2.513 billion, a significant year-on-year decrease of 55%.

Factors that reduced Tesla’s profitability in the first quarter included lower average selling prices due to pricing and product mix, higher operating expenses (partly due to artificial intelligence, battery technology advancements and other R&D projects) and the increase in mass production costs of Cybertruck. Tesla still faces challenges and needs to work on cost control while increasing operating expenses (partly due to artificial intelligence, battery technology advancements and other research and development projects), as well as the increase in Cybertruck mass production costs.

• Tesla forecasts total cash, cash equivalents and investments at the end of the first quarter of 2024 of $26.9 billion. Tesla noted that its cash flow decreased by $2.2 billion sequentially due to negative cash flow of $2.5 billion, mainly due to a $2.7 billion increase in inventory and $1 billion in artificial intelligence infrastructure capital expenditures.

Tesla’s first-quarter results were under pressure, but investors seemed to react positively to the earnings report. As of Tuesday's close, Tesla's stock price increased by $2.63 to close at $144.68, an increase of 1.85%. As of the time of this publication, Tesla's stock price has risen by more than 10% in after-hours trading.

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