Tesla Inc. reported first-quarter earnings that just missed analyst estimates after a series of aggressive price cuts squeezed profit margins.
Revenue rose to US$23.33 billion in the quarter, nearly in line with Bloomberg estimates of US$23.35 billion. Profit excluding some items fell to 85 cents a share, slightly below the 86-cent average of estimates compiled by Bloomberg.
“We continue to believe that our operating margin will remain among the highest in the industry,” the company said in a statement to shareholders.
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