Tesla profits fall 5% to $1.1B, shares dip after hours
Business
Tesla's profits dipped 5% this quarter, landing at $1.1 billion and missing Wall Street's expectations.
Shares dropped about 3% after hours.
Even though Tesla sold more cars than before, lower prices and rising costs squeezed profits.
Tesla operating costs jump 47%
Operating costs jumped 47%, and money from regulatory credits fell, making things tougher for Tesla's bottom line.
Still, it delivered more than 480,000 vehicles and beat revenue forecasts with $28.2 billion.
On the bright side, Full Self-Driving software subscriptions shot up 56% to nearly 1.5 million users.
Elon Musk is set to talk big investments in artificial intelligence and robotics as Tesla keeps pushing for smarter tech on the road.