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Tesla drives in Q2 results beat as margins top estimates despite price cuts

Published 20/07/2023, 06:26 am
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Investing.com -- Tesla reported Wednesday first-quarter results that beat on both the top and bottom line as the electric vehicle maker's margins were less bad than feared despite recent price cuts.

Tesla Inc (NASDAQ:TSLA) shares were up 1% in aftermarket hours Wednesday following the news.

Tesla reported EPS of $0.91 on revenue of $24.93 billion. Analysts polled by Investing.com anticipated EPS of $0.79 cents on revenue of $24.29B.

Gross margins, which have been closely watched following recent price cuts, fell 682 basis points to 18.2% in Q2 year over year, though that was higher than analysts' estimates for 16.9%.

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