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Tesla shares were down almost five percent in extended trade late last night not on the release of earnings it all came when Elon Musk stood up to talk at the press conference let's take a look at earnings first of all these are better than expected for both the earnings per share and sales earnings come in at 91 cents but showing revenues of 24.93 billion Street anticipated EPS of 79 cents and revenues of 24.29 billion but look at what happened late in the session uh for that stock after Rising earlier on the trading day and indeed after the markets they closed last night showing a 143 percent gain from the point of which we started out the year then came the tumble uh the um uh Elon Musk press conference commenting on Tesla's past quarter uh musk said he would cut prices again even after Tesla's margins already been squeezed Tesla's quarterly Automotive gross margin fell to 18 one percent from 19 in the first quarter of this year now that was in lineman Street estimate but way below the 26 it reported this time last year and as a result of that we saw a loss of 4.67 in extended trade on the IG platform last night look for losses at the start of today's trade on the cash session on Wall Street for Tesla for more videos from us here at igtv join us on Twitter at igcom Instagram and subscribe to our YouTube channel

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