Tesla Beats EPS & Revenues Forecasts Q1Shares in US alternative energies and automotive maker, Tesla, are trading around 6% higher ahead of the US open today. This comes on the back of a solid Q1 earnings release yesterday. The company, headed by the enigmatic, and divisive, Elon Musk, reported an EPS of $3.22 over the March quarter. This was well above estimates for a $2.226 EPS and extends the firm’s run of earnings beats. Similarly, Tesla revenues came in at $18.756 billion, well above the estimated $17.85 billion in revenue that Wall Street was looking for.Putting these figures in perspective, revenues for the firm are up 81% on a year ago with Musk telling stockholders, “I’ve never been more optimistic or excited about the future of Tesla than I am right now.” Musk’s optimism, and the company’s strong performance, comes despite him acknowledging difficult conditions. Higher commodities and energy prices along with supply chains issues have been a major headwind for corporates over the last 6 months and have been amplified by the conflict in Ukraine. However, Musk was keen to remain optimistic over the outlook, reaffirming his confidence in Tesla’s ongoing success.Technical ViewsTeslaFollowing the failure at the latest test of the bearish trend line from ATH, Tesla is now sitting on support at the 976.23 level. Price is currently framed by a large, descending, broadening wedge formation which suggests risks of a deeper move lower near term, with 904 the next support to note. However, the pattern is corrective and implies an eventual continuation higher.
Source: Tickmill
