Aside from not matching potentially arbitrary projections of analysts, was there any bad news in the report or the call? I don't recall seeing or hearing any.
In terms of the things I cared for, and had expectations about, it was better. For those who look at the quarter summary numbers, some numbers *were* (but aren't anymore in Q1) below the expectations (from those people who had expectations about them).
Points from my point of view:
a) most importantly, Tesla is already profitable (as of Q1 2013, half of which has passed already).
b) production has settled at a steady rate (at the target level).
c) Supercharger technology itself will have some advancements in the coming months, with a more or less official intent ("ideal") to build them at a distance of 150 miles or less.
d) demand for 2013 is not in question. Clarification that Tesla does not intend to have, or push for, a long waiting list. Therefore this number is not a measure of success (anymore).
e) big expectations for sales in Asia.
f) Model X sales expectations (> 70% of Model S) are higher than I expected
f) I welcome the intent to optimize Model S production, and making sure customers are happy with delivered cars, before pushing the limits of capacity above targets
g) expectations for future Model S volumes above 20,000/year appear to have become more realistic. I might have had slight hopes for more in 2013, and wasn't sure about 2014. The fact that it appears to be the other way around (increasing volumes especially in 2014) is only good for the future.
h) assurance that Tesla has enough cash left
i) assurance that Tesla has realistic plans and knows what to do
j) more than 50% of customers opt for the 85 kWh battery. This is good for driving progress in battery technology.
In summary, there was a lot of assurance that Tesla has made it to a sustainable mode of being, is laying a good foundation for the future, while improving what needs to be improved.
Usually I enjoy hearing more about future products and developments... I take it that Elon simply didn't consider this the right point in time to talk about those (except for hinting at upcoming Supercharger technology advancements).