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Tesla Stock Rallies Despite Major Earnings Miss As EV Focus Reaffirmed [Forbes]
Last tesla, inc. earnings: 4/29 04:11 pm
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US:NASDAQ Investor Relations: ir.tesla.com
Elon Musk, center, has overseen an unusually rocky stretch at Tesla. Tesla's $0.45 profit per share was far short of average analyst estimates of $0.49 earnings per share in the first quarter of 2024, according to data compiled by FactSet, and its $21.3 billion of revenue was also well below forecasts of $22.22 billion in gross revenue. Tesla's -12% year-over-year revenue growth marks its first top line contraction since 2020 and its $3.38 billion adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) is its lowest since 2021, down 21% from the same period last year. Yet, shares of Tesla soared 7% in limited activity after the report, paring the stock's 41% year-to-date loss through Tuesday's normal trading hours. The initial positive reaction appeared to be linked to the company's affirmation it will “introduce new and more affordable products” on its way to “profitable growth,” apparently massaging fears about the abandonment of its cheaper electri
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