Shulou(Shulou.com)11/24 Report--

Thanks to CTOnews.com netizen Xiao Zhan for the clue delivery! On April 20, Beijing time, Tesla (NASDAQ: TSLA) today released its financial results for the first quarter of fiscal year 2023 ending March 31. According to the financial report, according to GAAP, Tesla's total revenue in the first quarter was $23.329 billion, up 24% from $18.756 billion in the same period last year. Net profit belonging to Tesla's common shareholders was $2.513 billion, down 24% from $3.318 billion in the same period last year.

Tesla and Tesla made a series of aggressive price cuts, causing its total gross profit margin to fall to 19.3 per cent, less than the average analyst estimate of 22.4 per cent. At the same time, Tesla's revenue in the first quarter exceeded expectations and earnings per share met expectations. Tesla's shares fell more than 4 per cent in after-hours trading.

Stock price performance:

Tesla's shares fell 4.31% in after-hours trading. Tesla opened at $179.10 on the Nasdaq on Wednesday. By Wednesday's close, Tesla shares were down 3.72 per cent, or 2.02 per cent, at $180.59. Tesla shares fell $7.79, or 4.31%, to $172.80 in after-hours trading as of 17:55 et on Wednesday (5:55 on Thursday, Beijing time). In the past 52 weeks, Tesla's share price has peaked at $364.07 and as low as $101.81.

Operational points for the first quarter:

-- Total automobile production was 440808, up 44% from 305407 in the same period last year.

The production of Model S / X was 19437 vehicles, an increase of 37% from 14218 in the same period last year.

The production of Model 3 / Y was 421371, an increase of 45% from 291189 in the same period last year.

-- the total car delivery volume was 422875, an increase of 36% from 310048 in the same period last year.

The delivery volume of Model S / X was 10695, down 27% from 14724 in the same period last year.

Model 3 / Y delivery volume was 412180, up 40 per cent from 295324 in the same period last year.

Financial results for the first quarter:

Total revenue was $23.329 billion, up 24% from $18.756 billion in the same period last year.

Total automotive revenue was $19.963 billion, up 18% from $16.861 billion in the same period last year.

Revenue from energy power generation and storage was $1.529 billion, up 148% from $616 million in the same period last year.

Revenue from services and other businesses was $1.837 billion, up 44% from $1.279 billion in the same period last year.

-- Total gross profit was $4.511 billion, down 17% from $5.46 billion in the same period last year; gross profit margin was 19.3%, down 9.8% from 29.1% in the same period last year

-- operating expenses were $1.847 billion, down 1 per cent from $1.857 billion in the same period last year

-- operating profit was $2.664 billion, down 26% from $3.603 billion in the same period last year; operating profit margin was 11.4%, down 7.8% from 19.2% in the same period last year

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were $4.267 billion, down 15% from $5.023 billion in the same period last year; adjusted EBITDA profit margin was 18.3%, down 8.5% from 26.8% in the same period last year

-- the net profit attributable to Tesla's common shareholders was $2.513 billion, down 24% from $3.318 billion in the same period last year. According to non-American General Accounting Standards (non-GAAP), excluding equity incentive expenses, the net profit attributable to Tesla's common shareholders was $2.931 billion, down 22% from $3.736 billion in the same period last year.

-- diluted earnings per share belonging to Tesla ordinary shareholders was $0.73, down 23% from $0.95 in the same period last year. According to non-American general accounting standards, excluding equity incentive expenses, diluted earnings per share belonging to Tesla ordinary shareholders was $0.85, down 21% from $1.07 in the same period last year.

-- net cash provided by operating activities was $2.513 billion, down 37% from $3.995 billion in the same period last year; capital expenditure was $2.072 billion, up 17% from $1.767 billion in the same period last year; and free cash flow was $441 million, down 80% from $2.228 billion in the same period last year. Cash and cash equivalents and investments totaled $22.402 billion, up 24% from $18.013 billion in the same period last year.

Outlook:

-- delivery: Tesla plans to increase production capacity as soon as possible to meet the 50% annual compound growth rate guidance forecast set by the company at the beginning of 2021. In some years, we may grow faster, and in some years, we may grow more slowly, depending on many factors. In 2023, our production capacity is expected to remain above the long-term compound annual growth rate of 50 per cent, producing about 1.8 million vehicles for the whole year.

Cash: Tesla has sufficient liquidity to finance our product roadmap, long-term capacity expansion plans and other expenses; in addition, we will manage our business to maintain a strong balance sheet during this uncertain period.

Profits: as Tesla continues to increase innovation to reduce manufacturing and operating costs, the company expects hardware-related profits to accelerate with software-related profits over time. Tesla continues to believe that its operating margin will remain the highest in the industry.

Products: Cybertruck is scheduled to start production at a Texas superfactory later this year. In addition, Tesla has also made progress on the next generation platform.

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