Shares up despite dip in revenue and profits after company said it expects to release new vehicle models sooner than expected
Tesla shares surged nearly 10% in after-hours trading on Tuesday after posting earnings results, despite a revenue miss for the first quarter of 2024, a steep decline in profits, and a recall of its most recently released car, the $100,000 Cybertruck.
The electric vehicle manufacturer posted $21.3bn in revenue, lower than the $21.48bn that was estimated and a 9% drop year over year – marking its biggest decline since 2012. Profit was $1.1bn, a 55% decline from the first quarter of 2023, the company said.
About Author
More Stories
How could Trump’s second term affect DEI initiatives in the US?
Americans stocking up on foreign goods before Trump tariffs: ‘a sense of urgency’
Ex-McKinsey partner pleads guilty to destroying records on opioids