Tesla Shares Drop 7% on Q1 Miss
<p><a href='https://financialmodelingprep.com/financial-summary/TSLA'>Tesla (NASDAQ:TSLA)</a> shares fell nearly 7% pre-market today after the company reported its Q1 results that came in worse than the Street estimates as it was hurt by price cuts.</p>
<p>Q1 EPS was $0.85, compared to the Street estimate of $0.86. Revenue came in at $23.3 billion, compared to the Street estimate of $23.78 billion.</p>
<p>Gross margins dropped to 19.3% from 29.1% in Q1/22, missing the Street estimates of 21%. Tesla has cut prices on its electric vehicles globally, including in the US where it reduced prices for the sixth time this year to stay competitive. </p>
<p>The company reported manageable operating margins despite the first-quarter price reductions and anticipates further cost cuts through improved production efficiency and reduced logistics costs.</p>
<p>Tesla plans to produce 1.80 million cars this year, slightly lower than Street estimates and expects to remain ahead of the long-term 50% CAGR with around 1.8 million cars in fiscal 2023.</p>

NASDAQ:TSLA