Tesla, Inc. (TSLA) announced its first quarter earnings report on Tuesday, April 22. Despite reporting declines in both revenue and earnings for the quarter, the electric automotive company’s shares rose 6% following the report’s release.

Revenue came in at $19.34 billion for the quarter, down 9% from $21.30 billion during the same quarter last year. This missed analysts’ expectations for revenue of $21.11 billion for the quarter.

“In Q1, we accomplished an industry first: simultaneously changing over production lines across all factories for the world’s best-selling vehicle – the Model Y,” the company stated in its earnings release. “In the face of near-term profitability hurdles, the low-cost, localized manufacturing base that we have built provides advantages in delivering the best products at the right price to our customers globally. We continue to make critical, high-value investments while maintaining a strong balance sheet during this uncertain period.”

The company posted net income of $409 million or $0.12 per adjusted share for the quarter. This was down from $1.39 billion or $0.41 per adjusted share at this time last year.

During the first quarter, Tesla reported a 16% decrease in vehicle production from the previous year, with a total of 362,615 vehicles produced. Additionally, vehicle deliveries declined to 336,681, a decrease of 13% compared to the same period last year. Tesla’s operating income fell by 66% to $399 million, which was attributed to reduced average selling prices and deliveries as well as expenses for artificial intelligence projects. The company increased the number of its supercharger stations by 14%, reaching 7,131 stations, and boosted its supercharger connectors by 17%, totaling 67,316 connectors.

Tesla, Inc. (TSLA) shares ended the week at $284.95, up 24% for the week.

Discover Financial Services Releases Earnings

Discover Financial Services (DFS) released its first quarter earnings on Wednesday, April 23. The digital banking and loan company reported better than expected revenue, causing the company’s shares to rise nearly 4% after the earnings release.

The company reported net revenue of $4.25 billion for the quarter, up 2% from $4.16 billion reported during the same quarter last year and above analysts’ expectations of $4.22 billion.

"Discover's solid first quarter financial performance benefited from a strong net interest margin and positive credit trends,” said Discover’s Interim CEO, Michael Shepherd. “These results reflect our good execution and the strength of our business model. We are pleased that Capital One has received all required approvals and look forward to completing our merger.”

Discover posted net income of $1.07 billion for the quarter or $4.25 per adjusted share. This was an increase from net income of $813 million or $3.25 per adjusted share one year ago.

The company’s Digital Banking segment saw a 30% rise in its first quarter income, reaching $1.4 billion, driven by lower credit losses and increased net interest revenue. The Payment Services segment returned income of $91 million, an increase from $82 million from the same time last year. Discover ended the quarter with total loans of $117.4 billion, down 7% year-over-year. The company’s board of directors declared a quarterly cash dividend of $0.70 per common stock payable on June 5, 2025, to shareholders of record on May 23, 2025.

Discover Financial Services (DFS) shares ended the week at $184.86, up 9% for the week.

Chipotle Dishes Up Quarterly Report

Chipotle Mexican Grill, Inc. (CMG) announced its first quarter earnings report on Wednesday, April 23. The fast-casual restaurant company’s shares fell more than 2% following the report’s release.

Chipotle reported net revenue for the quarter of $2.88 billion, up 6.4% from $2.70 billion reported at this time last year. Net revenue was below analysts’ expectations of $2.95 billion.

"While our first quarter results were impacted by several headwinds including weather and a slowdown in consumer spending, our teams continue to make significant progress improving the execution in our restaurants, innovating our back of house, and building Chipotle into a global iconic brand," said Chipotle CEO, Scott Boatwright. "I am confident that we have a strong plan to return to positive transaction comps by the second half of the year, and during these uncertain times, we will continue to invest in the things that make Chipotle a special brand – our people, culinary, value proposition, innovation and growth."

The company reported net income of $386.6 million or $0.28 per diluted share. This is up from $359.3 million or $0.26 per diluted share in the same quarter last year.

The California-based restaurant company reported a decrease in comparable restaurant sales of 0.4% for the quarter. Sales transactions in restaurants declined by 2.3%, which was partially offset by a 1.9% rise in the average check amount. Food, beverage and packaging costs were 29.2% of total revenue. Digital sales made up 35.4% of food and beverage revenues. The company opened 57 new restaurants, including 48 with the chain’s mobile-order drive-through lanes called Chipotlanes, bringing the total number of company-owned restaurants to 3,781 at the end of the quarter. For fiscal 2025, Chipotle anticipates a growth in comparable restaurant sales in the low single-digit range.

Chipotle Mexican Grill, Inc. (CMG) shares ended the week at $51.78, up 8% for the week.

The Dow started the week of 4/21 at 38,906 and closed at 40,114 on 4/25. The S&P 500 started the week at 5,233 and closed at 5,525. The NASDAQ opened the week at 16,053 and closed at 17,383.

U.S. Treasury Yields varied throughout the week as investors digested the newest data from the U.S. housing sector. Yields were lower at the end of the week as the latest employment data showed signs that the labor market remains strong.

On Wednesday, the Commerce Department’s Census Bureau released their monthly report on sales of new single-family homes. The report revealed a 7.4% increase in the sales of new homes, reaching 724,000 homes in March. This marked the highest level since September 2024 and surpassed analysts’ expectations of 680,000 units. On a year-over-year basis, new home sales increased 6.0%.

“While home sales are showing a seasonal uptick, they are weaker than expected and continue to trend below 2024 levels despite new for-sale inventory reaching the highest level since 2009,” said chief economist at Cotality, Selma Hepp. “In addition, many markets with growing new inventories have also experienced a significant rise in existing inventories and weakening overall demand.”

The benchmark 10-year Treasury note yield opened the week of April 21 at 4.34% and traded as low as 4.25% on Wednesday. The 30-year Treasury bond opened the week at 4.80% and traded as low as 4.71% on Wednesday.

On Thursday, the U.S. Department of Labor reported that initial claims for unemployment increased by 6,000 to 222,000 for the week ending April 19, slightly above economists’ expectations of 220,000. Continuing claims decreased by 37,000 to 1.84 million.

“Businesses are not squeezing labor costs just yet,” said chief U.S. economist at Pantheon Macroeconomics, Samuel Tombs. “Job losses are coming later this year in sectors most exposed to tariffs, such as retail, transportation and manufacturing, if the current menu of tariffs is maintained.”

The 10-year Treasury note yield finished the week of April 25 at 4.33% while the 30-year Treasury note yield finished the week at 4.71%.

Freddie Mac released its latest Primary Mortgage Market Survey on Thursday, April 24. According to the survey, there was a modest decline in the mortgage rates for 30-year and 15-year loans compared to the previous week.

This week, the 30-year fixed mortgage rate averaged 6.81%, a decrease from last week’s average of 6.83%. Last year at this time, the 30-year fixed mortgage rate averaged 7.17%.

The 15-year fixed mortgage rate averaged 5.94% this week, down from last week’s average of 6.03%. During the same week last year, the 15-year fixed mortgage rate averaged 6.44%.

“The average mortgage rate decreased slightly this week,” said chief economist at Freddie Mac, Sam Khater. “Over the last couple of months, the 30-year fixed-rate mortgage has fluctuated less than 20 basis points, and this stability continues to bode well for buyers and sellers alike.”

Based on published national averages, the savings rate was 0.41% as of 4/21. The one-year CD averaged 1.77%.

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