Tesla CEO Elon Musk wears a ‘Trump Was Right About Everything!’ hat, as he, U.S. Trade Representative Jamieson Greer and Central Intelligence Agency Director John Ratcliffe attend a cabinet meeting at the White House, in Washington, D.C., U.S., March 24, 2025.
Carlos Barria | Reuters
Tesla reported a miss on the top and bottom lines in its first-quarter earnings report on Tuesday as automotive revenue plunged 20% from a year earlier.
Here are the key numbers compared with LSEG expectations.
- Earnings per share: 27 cents adjusted vs. 39 cents estimated
- Revenue: $19.34 billion vs. $21.11 billion estimated
Total revenue slid 9% from $21.3 billion a year earlier. Automotive revenue dropped 20% to $14 billion from $17.4 billion in the same period last year.
Net income plummeted 71% to $409 million, or 12 cents a share, from $1.39 billion or 41 cents a year ago.
It’s been a brutal start to the year for Tesla, with CEO Elon Musk spending much of his time in President Donald Trump’s White House, overseeing an effort to dramatically downsize the federal government. The president’s sweeping tariffs plan has led to concerns that costs will increase for parts and materials crucial for electric vehicle production, including manufacturing equipment, automotive glass, printed circuit boards and battery cells.
Tesla shares are down 41% so far in 2025, and suffered their worst quarterly drop since 2022 in the period that ended in March.
Earlier this month, Tesla reported a 13% decline in deliveries to 336,681. Tesla blamed the lower deliveries, in part, on the need to suspend production temporarily at its factories while it upgraded lines to start manufacturing a refreshed version of its popular Model Y electric SUVs.
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