Tesla’s stock (TSLA) took a nosedive of more than 12% on Thursday following the company’s announcement of fourth-quarter earnings that fell short of expectations. The company also issued a pessimistic outlook for full-year production.
For the fourth quarter, Tesla reported revenue of $25.17 billion, slightly below the expected $25.87 billion. Revenue increased by approximately 3% compared to the previous year. Tesla’s adjusted EPS of $0.71 missed the expected $0.73, and its adjusted net income of $2.48 billion also fell short of the $2.61 billion expected by analysts.
Regarding full-year production, Tesla indicated that its vehicle volume growth rate might be significantly lower than the growth rate achieved in 2023 due to the launch of the next-generation vehicle at Gigafactory Texas. This means that it is unlikely to meet the Street’s estimates of 2.19 million for 2024, representing a 21% increase from 2023.
CEO Elon Musk confirmed that the company’s next-gen vehicle will be launched in the second half of 2025.
During the earnings release and call,…
2024-01-25 14:40:18
Source from finance.yahoo.com