Tesla Non-GAAP EPS of $0.45 misses by $0.05,
Revenue of $21.31B misses by $950M
Reasons for the lower revenue: Reduced vehicle average selling price (ASP) YoY (excl. FX impact), an unfavorable product of the mix, and a decline in vehicle deliveries, partially due to the Model 3 update in the Fremont factory and Giga Berlin production disruptions.
A negative FX impact of $0.2B1 + growth in other parts of the business + higher FSD revenue recognition YoY due to the release of the Autopark feature in North America.
Beneath all that – Total revenues are lower by 9% YoY, and auto revenues are down 13% YoY. Energy and service revenues are keeping the flag flying still.
The stock is holding up at $154 – I guess it wasn’t worse than expected.