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Zenger
Zenger
Business
Shanthi Rexaline

Tesla’s Quarter 1 Profits Down Amid The Price Tag Cuts In Their Best Selling Models

Tesla Inc. Ives
Tesla, Suqian City, Jiangsu Province, China, April 20, 2023. Tesla announced its financial results for the first quarter of 2023. In the first quarter, due to drastic price cuts in major markets around the world, Tesla's revenue increased by more than 20%, but its profit decreased by more than 20%. As a result, the company's shares fell more than 6% in after-hours trading on Wednesday. CFTO/FUTURE PUBLISHING/BENZINGA

A Tesla, Inc. bull took down his price target for the stock following the electric vehicle maker’s first-quarter results.

Wedbush’s Daniel Ives maintained an Outperform rating and reduced the price target from $225 to $215, citing further near-term margin softness in the next few quarters.

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