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Live updates: Tesla to report quarterly earnings today after market close

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Elon Musk Tesla
Tesla CEO Elon Musk said in 2016 that the company's Autopilot technology was safer than a human driver.

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  • Tesla reports first-quarter earnings on Tuesday.
  • The EV maker has been under pressure after a reported pivot away from a low-cost vehicle model.
  • The company's stock is down more than 40% in 2024.

Tesla will report first-quarter earnings on Tuesday after the closing bell.

The electric-vehicle maker has been under pressure to start 2024 amid reports it will scrap plans to produce a low-cost Model 2, and instead focus on autonomous driving and robotaxis. Wall Street didn't like that idea, pushing Tesla's already-struggling stock lower.

The company has also been dealing with declining demand for its EVs, which has prompted a series of price cuts, the latest of which came on Monday.

Tesla's stock was down 43% year-to-date through Monday's close, badly trailing the the S&P 500's 5% gain.

Tesla's consensus first-quarter adjusted EPS estimate is $0.52

1st quarter

  • Adjusted EPS estimate: $0.52

  • EPS estimate: $0.41

  • Automotive gross margin estimate: 17.6%

  • Revenue estimate: $22.3 billion

  • Free cash flow estimate: $651.7 million

  • Gross margin estimate: 16.5%

  • Capital expenditure estimate: $2.4 billion

  • Cash and cash equivalents estimate: $23.24 billion

2nd quarter

  • Automotive gross margin estimate: 17.9%

Full-year 2024

  • Deliveries estimate: 1.94 million

  • Automotive gross margin estimate: 17.9%

  • Capital expenditure estimate: $9.91 billion

Source: Bloomberg data

Read the original article on Business Insider

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