Tesla's Profit Drops 43% as Musk Starts Building Robots and Plans to Sell Driverless Cabs
Tesla’s profit fell 43% last quarter to $787 million, down from $1.37 billion a year earlier, per its quarterly filing. The carmaker poured money into humanoid robots and driverless taxis while delivering about 2% fewer cars. Revenue stayed flat at $28.05 billion, but operating profit, which is what’s left after the costs of running the business, fell 56% to $718 million. Research spending rose 69% to $2.76 billion, and capital expenditures, the money spent on factories and equipment, more than doubled to $4.73 billion.