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Each quarter, Tesla (TSLA) reports revenues and gross margins for its "Automotive" and "Services and

Other" segments. Bernstein's A.M. (Toni) Sacconaghi Jr. thinks that the latter is worthy of more investor scrutiny.

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He writes that "Services and Other" gross margins have "steeply plunged" in recent quarters, dropping from 5% in the third quarter of 2016 to negative 45% in the first quarter of this year. He believes that service and maintenance is the key driver behind the decline, as its margin contribution was negative 500%—that's not a typo—in the four quarters ending with the third quarter of 2017.