Tesla Q1 results: Dan Ives is cautious for current fiscal quarter

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Tesla Q1 results: Dan Ives is cautious for current fiscal quarter | Invezz

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By:

Wajeeh Khan

on
Apr 20, 2022

Tesla Inc reports an 81% YoY growth in its first quarter revenue.

Dan Ives discussed EV maker’s results on CNBC’s “Closing Bell”.

Tesla shares jumped over 5.0% in extended trading on Wednesday.

Tesla Inc (NASDAQ: TSLA) reported its financial results for the first quarter on Wednesday that handily beat the Wall Street expectations. Shares popped up over 5.0% in after-hours trading.

Notable figures in Tesla Q1 earnings report

Earned $3.2 billion in fiscal Q1 that translates to $2.86 per share.In the same quarter last year, it had earned $438 million (39 cents a share).Adjusted for nonrecurring items, per-share earnings stood at $3.22.Revenue soared 81% YoY to $18.6 billion, as per the earnings press release.FactSet consensus was for $2.26 of adjusted EPS on $17.85 billion in sales.Automotive gross margin climbed to 32.9% in the recent fiscal quarter.

Earlier in April, Tesla said it delivered lower-than-expected 310,048 vehicles in Q1 as COVID resurgence in China pushed its Shanghai factory into temporarily shutting down.


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Wedbush’s Dan Ives reacts to Tesla Q1 results

According to Wedbush Securities’ Dan Ives, Shanghai will likely be a significant headwind for Tesla in the current fiscal quarter. On CNBC’s “Closing Bell”, he said:

It’s all about deliveries for Q2. I think China could be a 50,000 to 60,000 headwind for Q2. Then there could be significant, incremental expenses related to supply chain, especially coming out of China.

Ives forecasts an EPS of $1.86 a share for the second quarter versus the Street at $2.26 a share. He, however, expects the issues to be resolved by the second half of 2022 and remains bullish on the stock for the longer term with a price target of $1,400 or roughly 35% up from here.

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