Tesla stock pops on plans to ramp up affordable car plans
Tesla (TSLA) reported first quarter results that missed analyst estimates on both the top and bottom lines. Adjusted earnings per share of $0.45 fell short of the $0.52 Wall Street was expecting. Revenue of $21.3 billion fell short of the estimated $22.3 billion. Operating income also missed, $1.17 billion versus the $1.53 billion estimate. However, the company said it plans to accelerate the launch of new models, including a more affordable one. Yahoo Finance's Julie Hyman and Jared Blikre are joined by Roth MKM Senior Research Analyst Craig Irwin to break down the results. On the earnings, Irwin credits Tesla for better-than-expected gross margin results, but says the company "needs to start growing again." Irwin gives his thoughts on what to expect from the conference call for Tesla's earnings: "They're going to give it a shot to get us excited about robotics and AI on the call. Elon has got some explaining to do, FSD, the price was only ever supposed to go up and we got 12,000 to 8,000 this last week and I guess subscriptions are no longer $200 a month or $100 a month, and they're really pushing hard on FSD and personally, I'm a bear, but there are people out there that like it. We'd need to see attach rate goes up, and for there to be some elasticity of demand here. I'm kind of skeptical." For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.This post was written by Nicholas Jacobino and Stephanie Mikulich
