Tesla Inc (TSLA: NSD) reported its earnings for the first quarter of 2024 today. The electric vehicle maker’s earnings per share (EPS) came in at $0.45, falling short of analysts’ consensus estimate of $0.49 per share.
This marks the second consecutive quarter that Tesla has missed analyst expectations on EPS. Despite the miss, the company’s stock price rose in after-hours trading, possibly due to optimism about Tesla’s future growth plans outlined in the earnings call.
Key Insights from Tesla’s Q1 Earnings Report:
Here are the key takeaways from Tesla’s first-quarter earnings report.
- Earnings per share (EPS): $0.45 vs. analyst estimate of $0.49
- Vehicle deliveries: Approximately 387,000 down from the prior quarter due to production challenges.
- Energy storage deployments: Record high of 4,053 MWh
- Workforce Reduction: Tesla also announced a 10% headcount reduction and a renewed focus on cost-cutting measures to improve profitability.
Stock Target Advisor’s Take on Tesla:
Stock Target Advisor’s gives a Buy rating to Tesla’s stock with the target price is $224.95 and the projected price change for the next 12 months by Stock Target Advisor is 52.97%. At the last closing, Tesla Inc’s stock price was USD 144.05. Tesla Inc’s stock price has changed by –24.00 % over the past week, -25.77% over the past month and -10.92% over the last year.
Currently, 28 analysts cover Tesla’s stock and the average analyst target price for Tesla Inc is USD 222.50 over the next 12 months. Tesla Inc’s average analyst rating is Buy. Stock Target Advisor’s own analysis of Tesla Inc is based on 10 positive signals and 5 negative signals.
Muzzammil is a content writer at Stock Target Advisor. He has been writing stock news and analysis at Stock Target Advisor since 2023 and has worked in the financial domain in various roles since 2020. He has previously worked on an equity research firm that analyzed companies listed on the stock markets in the U.S. and Canada and performed fundamental and qualitative analyses of management strength, business strategy, and product/services forecast as indicated by major brokers covering the stock.
