Tesla’s first-quarter net income tumbles 55% as falling global sales and price cuts reduce profits WPXI [Video]

Tesla’s first-quarter net income plummeted 55% as falling global sales and price cuts sliced into the electric vehicle maker’s revenue and profit margins.

The Austin, Texas, company said it made $1.13 billion from January through March compared with $2.51 billion in the same period a year ago.

Revenue was $21.3 billion, down 9% from last year as worldwide sales dropped nearly 9% due to increased competition and slowing demand for electric vehicles.

Excluding one-time items such as stock-based compensation, Tesla made 45 cents per share, falling short of analyst estimates of 49 cents, according to FactSet.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

Faced with falling global sales and a diving stock price, Tesla has slashed prices again on some of its electric vehicles and its “Full Self Driving” system in an apparent effort to boost the company’s earnings growth.

But Wall Street was unimpressed and will be looking for other answers from CEO Elon …