Tesla stock (TSLA) is slipping Wednesday aftermarket as the automaker reported missed profit and revenue. Tesla's gross margin also fell to 19.3% from 20% as they continue to cut vehicle prices.
For Q1 of 2023, Tesla reported revenue of $23.33 billion, below Wall Street's estimates at $23.35 billion.
Late Tuesday night, Tesla cut back on their Model Y & Model 3 prices for the 6th time this year, hoping to boost revenue and sales.
Tesla stock tumbled 2.02% during market hours and 3.34% after hours as of now.
Julia Whiteford