Lates News

Tesla's first-quarter profit increased by 17% rebounding from the weak quarter of the same period last year, and the service department's revenue increased. Net profit for the first quarter increased from $4.09 billion to $4.77 billion from the same period last year, but it was lower than analysts' expectations and the second-lowest quarterly profit for the company in five years. The company reported a free cash flow of $1.44 billion for the first quarter, while expected cash consumption was $1.43 billion. Investors were encouraged by the recovery, and the stock price rose 4.5% in after-hours trading. The stock has fallen 15% so far this year. Tesla's first-quarter revenue increased by 16% to $22.4 billion, falling short of expectations. Energy storage revenue fell by 12% to $2.4 billion. Service revenue increased by 42% to $3.7 billion. Capital expenditures for this quarter surged by 67% to $2.5 billion due to the company's investments in artificial intelligence infrastructure, including manufacturing its own custom chips.