Tesla Stock Slips After Price Cuts Hurt Earnings
The value of Tesla's stock has halved in the last year.
Photo illustration: Josephine Chu
Tesla Inc. shares were down almost 10% early in the afternoon after the company announced declining earnings and margins due to recent fuel price cuts.
After the bell, the electric-vehicle manufacturer said that lower average prices contributed to a decline of 24% in the first-quarter profits. Its operating margin also fell from 19.2% to 11.4% a year ago.