Tesla Q1 2024 Earnings: Company Struggles Amidst Sales Slump
Earnings Call to Address Weak Performance and Price Cuts
AUSTIN, Texas - Tesla will release its financial results for the first quarter of 2024 on Tuesday, April 23, 2024, after market close. The release will be followed by a brief earnings call in which the company is expected to address its recent performance and plans to mitigate losses.
Tesla's Q1 Challenges
Tesla has faced significant challenges in the past quarter, including a sharp decline in sales and a round of price cuts. In the fourth quarter of 2023, the company produced approximately 495,000 vehicles and delivered over 484,000 vehicles. However, in the first quarter of 2024, production fell to over 433,000 vehicles, and deliveries declined.
The company's recent stock performance has also been disappointing. Tesla's stock has underperformed compared to its technology peers, known as the "Magnificent Seven," and has been in a downward trend over the past several months.
Analyst Expectations
Analysts are expecting Tesla to report a decline in revenue and earnings in the first quarter of 2024. The company has not provided any guidance on its financial performance, but analysts are estimating a drop in earnings per share and a decline in revenue compared to the same period last year.
The earnings call is expected to provide more insight into Tesla's current challenges and its strategies to improve performance in the coming quarters. Investors will be closely watching for any updates on the company's production targets, cost reduction efforts, and plans to address the recent sales slump.
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