Tesla (TSLA) Reports Q1 Profit of $477M, Misses Revenue Estimates

Tesla (TSLA) reported first-quarter earnings, achieving an adjusted earnings per share of 41 cents against an expectation of 37 cents. However, revenue was $22.39 billion, slightly missing the forecast of $22.64 billion, despite a year-over-year increase of 16% from $19.3 billion. The company's net income rose to $477 million from $409 million a year earlier, while automotive gross margins increased to 19.2%. Tesla's stock declined 14% year-to-date and plans to spend $5 billion more than previously guided, with capital expenditures reaching $2.49 billion, up 67% year-over-year.