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Tesla ($TSLA@US) posted first-quarter earnings that were in line with expectations and revenue that beat expectations but were a notable decline from the company’s performance in the same period last year. Earnings per share came in at 85 cents, meeting analysts’ expectations, and revenue was $23.33 billion versus the $23.21 billion expected. Although total revenue was up by 24 percent, net income declined by 24 percent from the same period a year ago with $2.51 billion. Automotive revenue was up 18 percent from last year with $19.96 billion, while revenue from automotive regulatory credits declined 15 percent to $521 million. The company cited the underutilization of factories, the rising cost of commodities, and a decline in environmental credit revenue for its performance.
