Tesla stock slides 8% as Elon Musk's price cuts eat into quarterly profits
stock slid Thursday after the electric-vehicle maker revealed its aggressive price cuts eroded its profit margins last quarter.first-quarter earningsThe automaker posted earnings per share of $0.85 and revenue of $23.33 billion, both of which were roughly in line with analysts' estimates, according to Refinitiv.
Tesla's margins have shrunk in part because it aggressively cut the price of top-selling cars including the Model 3 and Model Y last quarter, in a bid to boost its market share. "This is a good time to increase our lead further, and we'll continue to invest in growth as fast as possible," he said of the price cuts in a call with analysts after the closing bell.
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