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00:02Tesla reported first quarter earnings that beat analysts' estimates,
00:06while revenue came in below expectations, according to CNBC.
00:10The EV giant reported adjusted earnings of $0.41 per share on $22.39 billion in revenue,
00:18beating estimates of $0.37 per share while missing expectations of $22.64 billion.
00:25Shares rose after the release, but reversed after the company said
00:28annual spending will be $5 billion above prior guidance.
00:33Revenue rose 16% year-over-year, while net income increased to $477 million.
00:39Vehicle deliveries reached 358,023, down from the prior quarter, but up about 6% year-over-year.
00:47Tesla plans lower-cost versions of Model Y and Model 3
00:50and is preparing a large-scale Optimus robot factory.
00:54Shares have fallen 14% this year, and underperformed MegaCap peers
00:58as its core automotive business faces growing competition from global rivals.
01:02For all things money, visit Benzinga.com.
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