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"Tesla [Q1} earnings blow away estimates:"

"Tesla (TSLA) posted first-quarter profit that handily exceeded estimates, with the results dovetailing the record deliveries the electric vehicle-maker reported during the first three months of 2021. However, first-quarter revenue came up slightly short of expectations, and shares dipped by about 1% in late trading.

Here were the main results from Tesla's report on Monday, compared to consensus estimates compiled by Bloomberg:

Q1 Revenue: $10.39 billion vs. $10.42 billion expected and $5.99 billion Y/Y

Q1 Adjusted earnings per share: 93 cents vs. 80 cents expected and 23 cents Y/Y

Earlier in April, Tesla reported first-quarter vehicle deliveries that set a record at 184,800, with the vast majority comprised of the more affordable Models 3 and Y. The record number of hand-overs came even as Tesla and the broader auto industry contended with a protracted semiconductor shortage, and ongoing disruptions stemming from COVID-19.

The results boded well for the electric vehicle-maker's first-quarter operating results, which saw the company post yet another quarterly profit. Automotive gross margins unexpectedly expanded by more than 1 percentage point to 26.5%, with cost-cutting helping expand profitability even as sales of Tesla's lower-priced models strongly outpaced those of its higher-margin Model S and X vehicles.

In its letter to shareholders Monday, Tesla said it still plans to achieve 50% average annual growth in vehicle deliveries over a multi-year horizon, reiterating the target CEO Elon Musk floated on the company's January earnings call. Last year, Tesla delivered just under half a million vehicles, coming up just short of Wall Street's estimates at the time."

https://finance.yahoo.com/news/tesla-reports-q1-2021-earnings-results-124505076.html