Shares of electric vehicle maker Tesla (TSLA) are down 8% after the company reported a 24% year-over-year decline in its first-quarter net income.
Tesla announced Q1 net income of $2.51 billion U.S., down 24% from last year, as well as earnings per share (EPS) of $0.85 U.S. versus $0.85 U.S. that was expected on Wall Street, according to Refinitiv data.
Revenue in Q1 came in at $23.33 billion U.S. compared to $23.21 billion U.S. that had been expected by analysts. Total revenue at the automaker rose 24% from a year earlier.
On an earnings call, Tesla chief executive officer (CEO) Elon Musk stressed that he sees an “uncertain” economic environment and expects 12 months of “stormy weather” ahead.
A bright spot for the company in Q1 was Tesla Energy, whose revenue rose to $1.53 billion U.S., a 148% annualized increase.
Tesla has cut prices on its vehicles multiple times since the end of last year to boost demand. It most recently cut the prices on some of its electric vehicles the day before announcing its Q1 earnings results.
Tesla said it expects to produce 1.8 million vehicles this year, with the possibility of hitting a two million annual production milestone.
Prior to today, Tesla’s stock was down 45% from a year ago and trading at $180.59 U.S. per share.
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