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Tesla Reports $477 Million Net Profit in Q1, Up 17% Year-over-Year
On April 23, Tesla reported a Q1 revenue of $22.39 billion, a 16% increase year-over-year, compared to the estimated $22.19 billion. The net profit for Q1 was $477 million, marking a 17% year-over-year growth. The gross margin for Q1 was 21.1%, up from 16.3% in the same period last year, and above the estimated 17.7%. The adjusted earnings per share for Q1 were $0.41, compared to $0.27 in the same period last year, exceeding the estimate of $0.34. The company stated that after the launch of the autonomous ride-hailing service Cybercab, it is expected to gradually replace the existing Model Y fleet and, in the long run, become Tesla’s highest production model.