Tesla Q1 2023 Earnings: Net Income Drops Over 20%
Company Reports $23.3B in Revenue, Non-GAAP Gross Margin of 19.3%
Webcast to be Archived on Company Website Following Earnings Call
AUSTIN, Texas (April 19, 2023) - Tesla has released financial results for the first quarter of 2023. Following the market close on Wednesday, April 19, Tesla issued a press release detailing its earnings.
For the quarter, Tesla reported revenue of $23.3 billion, an increase of 32% year-over-year. However, the company's net income fell by 20.5% to $3.3 billion, primarily driven by higher costs.
Tesla's non-GAAP gross margin, a key performance indicator, came in at 19.3%, down from 26.7% in the previous quarter. The decline was mainly attributed to supply chain disruptions and rising raw material costs.
Despite the lower net income, Tesla's earnings per share (EPS) exceeded analysts' expectations. Non-GAAP EPS came in at $3.22, beating estimates of $3.10.
The company also announced that it will host a webcast to discuss the financial results on Thursday, April 20. The webcast will be archived on Tesla's website following the call.
Tesla's stock price initially dipped following the earnings release but later recovered slightly. As of the market close on April 19, Tesla's stock was trading around $300 per share.
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