Tesla Shares Up 3% on Impressive Q1 Results
<p><a href='https://financialmodelingprep.com/financial-summary/TSLA'>Tesla, Inc. (NASDAQ:TSLA) </a>shares closed more than 3% higher today following the company’s reported Q1 results, with adjusted EPS of $3.22 coming in better than the Street estimate of $2.27. Revenue increased 81% year-over-year to $18.76 billion, better than the Street estimate of $17.92 billion.</p>
<p>The quarterly beat was across the board despite supply chain and inflationary headwinds. Specifically, automotive gross margin beat by 240 bps, despite the company evolving its product offerings and ramping up two new Giga factories in Berlin and Austin. Furthermore, the company is accelerating the monetization of its data advantage with its insurance offering, noting that it represents the second-largest insurer of its vehicles in Texas and is in process of expanding into a number of additional states.</p>
<p>Analysts at Oppenheimer believe the company’s data expertise is proving a crucial and durable competitive advantage. The company continues to simplify its vehicle design via improved process technologies, driving cost reduction, shortening production time, and optimizing ROI. The analysts increased their price target to $1,291 from $1,103, while maintaining their outperform rating. </p>

NASDAQ:TSLA