Tesla Crushes Earnings Estimates. Wall Street Is ‘Speechless.’
$Tesla Motors(TSLA)$beat Wall Street’s first-quarter financial estimates with a stick, and the stock was rising as analysts pile praise on report.
Shares of $Tesla Motors(TSLA)$(ticker: TSLA) were up about 12% at points on Thursday.[Strong] Shares closed up 3.2% at $1,008.78, losing ground along with the market after comments from Fed Chair Jerome Powell made it clear that interest rates are headed higher, fast. The S&P 500 closed down 1.5% and the Dow Jones Industrial Average fell 1.1%.[Cool] [Cool]
“I am already speechless,” tweeted out New Street.
$Tesla Motors(TSLA)$roughly 29.5% automotive gross profit margin reported for the first quarter. That was an increase from the roughly 29% profit margin reported for the fourth quarter of 2021. 👏🏻👏🏻👏🏻
Margins improved even as raw material inflation was a headwind for $Tesla Motors(TSLA)$and other auto manufacturers. Cost-cutting and higher vehicle average selling prices led to the margin.[Smile] [Smile]
Tesla had a big day for orders after the Super Bowl, when other auto manufacturers were advertising their EVs. Tesla actually benefited from others’ advertising.[Smile]
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Elon Musk potential counter👍👍👍