Tesla's revenue and profit were below forecasts

The electric car manufacturer Tesla has released a report with results in the first quarter, which disappointed analysts. The revenue indicator was below forecasts.

Thus, the company's net profit attributable to shareholders decreased by 24% year-on-year to $2.51 billion. Diluted earnings per share were $0.73 versus $0.95 for the first quarter of 2022. Adjusted diluted earnings per share were $0.85 with a forecast of $0.86.

Revenue rose 1.24 times and amounted to $23.33 billion. Analysts had expected revenue of $23.78 billion.

Car sales increased 1.18 times compared to the same period last year and amounted to $19.9 billion.

After the publication of the reports, the company's share price began to decline – by 6.07%, to $180.59 per paper. However, it is worth noting that this year the value of Tesla shares, having risen by 46%, showed better results than in general according to the Nasdaq 100 index, having risen 19% since the beginning of the year.

Representatives of the company noted that the reduction in prices for its electric vehicles did not lead to a serious reduction in profits, and it intends to continue to adhere to the policy of reducing prices, as well as to implement new products such as Cybertruck.