Elon Musk’s Firm Reports Worst Quarterly Profit Since 2021
The post Elon Musk’s Firm Reports Worst Quarterly Profit Since 2021 appeared on BitcoinEthereumNews.com.
Topline Tesla suffered its worst quarter by revenue and sales in years, according to its first-quarter earnings report released Tuesday afternoon, as CEO Elon Musk’s outspoken White House role weighed heavily on the company’s performance. Elon Musk, pictured in 2020, wears many hats, including as the CEO of Tesla and a senior advisor to … More President Donald Trump. dpa/picture alliance via Getty Images Key Facts The automaker released its first-quarter results shortly after 4 p.m. EDT’s market close, reporting adjusted $0.27 earnings per share and $19.3 billion revenue. Average estimates called for Tesla to report $21.3 billion in revenue and $0.41 EPS last quarter, according to FactSet. That makes Q1 2025 Tesla’s worst quarter by sales since Q2 2022 and its least profitable period since Q1 2021. Revenue in Tesla’s core automotive business plunged 20% year-over-year, declining to $14 billion, the weakest sum since Q3 2021. Tesla brought in $595 million of automotive regulatory credits last quarter compared to a $400 million overall operating profit, meaning Tesla was in the red to start 2025 when excluding the credits, which are all essentially free profit Tesla receives from its gas car rivals looking to comply with emission requirements. Tuesday’s report follows Tesla’s far weaker than expected Q1 vehicle deliveries out earlier this month which signaled its financials may also leave room for improvement, as the company delivered 337,000 vehicles during the quarter, its worst vehicle delivery growth since 2022 and coming in 17% below consensus analyst delivery forecasts. When Is Tesla’s Earnings Call? The company will livestream its earnings call at 5:30 p.m. on its investor relations website. What To Watch For If Musk addresses his timeline for departing the White House during the call. Musk is a senior advisor to Trump and the head of the influential Department of…
Filed under: News - @ April 22, 2025 9:27 pm