Tesla Warns of Slower Growth and Earnings Tumble

Tesla's net income doubled last quarter due to a one-time tax benefit, but fell short of analyst estimates, with warnings of lower sales growth this year. The company reported a 3% increase in quarterly revenue, but profits were impacted by global price cuts. Tesla's sales growth rate was slower than previous quarters, and it cautioned that sales growth this year may be "notably lower." CEO Elon Musk discussed plans for a more affordable next-generation vehicle and the challenges of growing Tesla into an artificial intelligence and robotics leader. The company also reported a drop in gross profit margin and provided updates on its "Full Self-Driving" software.