Tesla Shares Down Nearly 8% In Premarket

Tesla Shares Plunge After Its Q1 Earnings Call

Tesla shares dived after its quarterly earnings report showed weaker-than-expected profits.

[{"selector":"#anim-365f955d-32e8-477a-8895-39d6297dc449","keyframes":{"transform":["translate3d(115.51156%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-00ce77ce-b2b0-49d7-8866-23f862a0b818","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9944eb55-cfbb-4691-9669-99dfa0a04a07","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

At the time of writing, Tesla shares are down nearly 8% in the premarket.

[{"selector":"#anim-fa7db1d4-eafd-4a60-becb-0cfc2e0c5ee9","keyframes":{"transform":["translate3d(118.15181%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-adb405e9-6830-428e-98ce-713afaffce79","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f077dd9e-cdbe-4055-adae-75782747ab5e","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Electric vehicle maker missed gross margin forecasts and pledged further price cuts in its earnings call.

[{"selector":"#anim-47648969-bc0e-4d8d-9cb1-615c5c242746","keyframes":{"transform":["translate3d(104.74684%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c91e573e-1094-4e32-bdd9-3edfa9fcd640","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-83ff3c46-5d7f-4414-a50c-abb98ec14345","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Tesla’s stock was up 47% for the year as of the close on Wednesday.

[{"selector":"#anim-b0e80739-4498-4af5-bf30-22dc24002430","keyframes":{"transform":["translate3d(117.25352%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5a799575-52db-47a7-9d07-2278fecc04b6","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6cfe19e4-a6a8-4905-a476-1bc084732543","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Tesla’s revenue rose 24% to $23.33 billion in the first quarter, in line with analysts’ average estimate of $23.35 billion.

[{"selector":"#anim-934f80db-028a-429f-8aca-bfafd40af0d2","keyframes":{"transform":["translate3d(116.38226%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-059464dc-286b-42bd-972e-3d21dffc8d31","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-73505135-20f3-44c2-8f33-9b1ef1f4c87e","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

“It’s difficult to say what the margin will be,” Musk said, when asked what level of profitability Tesla was comfortable with.

[{"selector":"#anim-79a79b1b-c25a-4d23-801f-88d3eb550e22","keyframes":{"transform":["translate3d(116.95501%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2680a1b8-e47a-41da-a395-752832031e45","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-81bc7392-34ce-428b-ab6e-1513e5c82d0d","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Apple fell 1% in pre-market trade and Google parent Alphabet lost 0.7%.

[{"selector":"#anim-8d6a1196-2c74-4e76-a789-9629b5d60baf","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b395b17f-52ca-4480-9d07-4bedc20bcb2d","keyframes":{"transform":["translate3d(-95.29148%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-487324c2-d933-487e-835a-8767a13ca906","keyframes":{"transform":["rotate(-359deg) translate3d(444.26216%, 0px, 0) rotate(359deg)","rotate(-359deg) translate3d(0px, 0px, 0) rotate(359deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-b60a1665-2ddc-4bef-a988-06d219592787","keyframes":{"transform":["rotate(-359deg) rotateZ(180deg) rotate(359deg)","rotate(-359deg) rotateZ(0deg) rotate(359deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] Read More Stories