Tesla continued its losing earnings streak for the fourth consecutive quarter but surpassed estimates on the revenue front.
During Tesla's earnings call this week, after the top electric vehicle maker posted disappointing results with worse-than-expected revenue from its car business, analysts and retail investors did not CEO Elon Musk the most obvious question: Why did you announce your vocal support for Donald Trump for president, when that could politicize Tesla's brand for its mostly Democratic buyers?
Tesla Inc (NASDAQ:TSLA) stock is down 11.3% to trade at $218.49 at last glance, after the electric vehicle (EV) name announced a second-quarter earnings miss, with revenue seeing a 7% year-over-year drop in June despite beating expectations.
Tesla's (TSLA) second-quarter 2024 earnings miss estimates, marking the fourth miss in a row for the EV behemoth.
Stocks were mostly flat on Tuesday with the one exception being small caps. The Russell 2000 ended the day higher by 1% while all the other broad indices were largely unchanged as investors took a collective deep breath ahead of a busy rest of the week for earnings and economic data.
The Austin, Texas-based company said on Tuesday that it generated 7% less revenue year-over-year in the three-month period that ended in late June.
Tesla (NASDAQ: TSLA ) stock fell heavily overnight on a bad earnings report, including a 2% drop in auto revenue. Tesla earned $1.48 billion, 42 cents per share, on revenue of $25.5 billion during the second quarter.
After a month highlighted by the recovery of electric vehicle (EV) stock, which managed to erase all the year-to-date losses by surging more than 30%, Tesla's (NASDAQ: TSLA) stock was hit by a drawback in the latest trading session.
Tesla NASDAQ: TSLA did not have a bad quarter per se, but many positives are smoke-and-mirrors hiding near-term pain in favor of long-term hope. The company's core business, selling EVs, is struggling and shows no signs of improvement.
U.S. stock futures were lower this morning, with the Nasdaq futures dipping around 200 points on Wednesday.
Automotive financials are weighing on Tesla shares Wednesday, but Elon Musk — and many bulls — are focused on the future potential in autonomy and robotics
The electric-vehicle maker's second-quarter earnings per share disappointed investors. Now Wall Street is weighing in on Tesla.