Tesla profits drop 55%, company says EV sales ‘under pressure' from hybrids

Tesla profits fell 55% to $1.13 billion in the first quarter from the same year-ago period as a protracted EV price-cutting strategy continued to cut into the automaker’s bottom line. The results, posted after markets closed Tuesday, sent shares up 7% immediately following the release. Tesla reported revenue of $21.3 billion in the first quarter, an 9% drop from the first quarter of 2023.Analysts polled by Yahoo Finance expected earnings of $0.51 per share on $22.15 billion in revenue.The company said in it ...