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Elon Musk insists Tesla isn't a car company as car sales falter [Yahoo! Finance]
Last tesla, inc. earnings: 4/29 04:11 pm
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US:NASDAQ Investor Relations: ir.tesla.com
By the numbers, Tesla painted a dismal picture through its latest quarterly results . But the stock told a different story : excitement. New models are on the way, Musk said. And beyond that, Tesla will prosper as a pioneer in autonomous ridesharing. Shares jumped following the earnings release, and the momentum carried over into morning trading Wednesday as the stock surged as much as 14%. As Tesla car sales faltered, Musk delivered an optimistic pivot : Tesla isn't a car company. Sales fell 9% from a year ago in the most recent quarter, the first drop in four years. Operating profit tumbled more than 50% from the same period last year. Guidance, too, was a drag, as executives foresee "notably lower volume." But the market loved Tesla reassuring the world that, actually, cheaper cars are coming. As Jefferies analysts said in a note after the report, "first impression for us is CEO Musk appeasing the market by accelerating new product launches." And Musk on the earnings call
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