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.
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