After its latest quarterly financial report, Tesla’s stock saw a significant surge of more than 12 percent during after-hours trading, despite the company falling short of analysts’s projections of earnings per share. This boost came even as the electric car manufacturer faced a 42 percent drop in its year-to-date performance.
Tesla CEO Elon Musk’s discussions about the forthcoming release of Tesla’s Robotaxi and the efforts to produce more affordable electric vehicles likely contributed to the post-earnings stock rally.
Tesla reported revenue of $21.30 billion, falling short of the expected $22.15 billion.Revenue decreased from $23.33 billion in the previous year and from $25.17 billion in the fourth quarter. Net income also experienced a 55 percent decline, to $1.13 billion, equivalent to $0.34 per share, compared to $2.51 billion, or $0.73 per share, in the corresponding period last year.
