Tesla (TSLA) releases Q1 2024 results: missed expectations, loads release with news

Tesla (TSLA) released its financial results and shareholders letter for the first quarter (Q1) 2024 after market close today.

We are updating this post with all the details from the financial results, shareholders’ letter, and the conference call later tonight. Refresh for the latest information.

Tesla Q1 2024 earnings expectations

As we reported in our Tesla Q1 2024 earnings preview yesterday, the Wall Street consensus for this quarter was $22.220 billion in revenue and earnings of $0.49 per share.

Now, did Tesla meet, beat, or miss the expectations?

Tesla Q1 2024 financial results

Just after the market close today, Tesla released its financial results and confirmed that it did miss expectations with earnings of $0.45 per share (non-GAAP) and revenue with $21,301 billion during the last quarter.

Despite the miss on expectations for revenue and earnings, which are generally the main drivers of stock prices, Tesla’s stock is up by as much as 5% in aftermarket trading following the release of the results.

That’s probably due to Tesla trying to ride the AI wave with news in the release.

For example, the automaker announced that it “increased AI training compute by more than 130% in Q1”, which is impressive considering Tesla already had one of the biggest supercomputers in the world prior to the quarter.

For the first time in a long time, Tesla saw its cash position reduced in Q1, but it still sits on a nice $26.9 billion cash pile:

Quarter-end cash, cash equivalents and investments in Q1 was $26.9B. The sequential decrease of $2.2B was a result of negative free cash flow of $2.5B, driven by an inventory increase of $2.7B and AI infrastructure capex of $1.0B in Q1.

Tesla also announced a change of plan regarding its next-gen vehicles:

Furtermore, Tesla announced a change of plan regarding cheaper vehicles. While it appears to finally confirm the cheaper model based on the “unboxed” system, which we reported as NV9, is canceled, the automaker says it will build new cheaper vehicles on its existing production… https://t.co/w06R9pgGEa pic.twitter.com/L3vuntckwZ

— Fred Lambert (@FredericLambert) April 23, 2024

We will be posting our follow-up posts here about the earnings and conference call to expand on the most important points (refresh the page to see the most recent posts):

Here’s Tesla’s Q1 2024 shareholder presentation in full:

Here’s Tesla’s conference call for the Q1 2024 results:

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