If you don't like what's being said, change the conversation. That's advice Don Draper of "Mad Men" once gave. And it appears Tesla ( TSLA ) CEO Elon Musk is taking it. (via finance.yahoo ) By the numbers, Tesla painted a dismal picture through its latest quarterly results . But the stock told a different story : excitement. New models are on the way, Musk said. And beyond that, Tesla will prosper as a pioneer in autonomous ridesharing. Shares jumped following the earnings release, and the momentum carried over into morning trading Wednesday as the stock surged as much as 14%. As Tesla car sales faltered, Musk delivered an optimistic pivot: Tesla isn't a car company.Sales fell 9% from a year ago in the most recent quarter, the first drop in four years. Operating profit tumbled more than 50% from the same period last year. Guidance, too, was a drag, as executives foresee "notably lower volume." But the market loved Tesla reassuring the world tha...
Tesla profits fell 55% to $1.13 billion in the first quarter from the same year-ago period as a protracted EV price-cutting strategy and “ several unforeseen challenges” cut into the automaker’s bottom line. (via techcrunch ) Tesla reported revenue of $21.3 billion in the first quarter, a 9% drop from the first quarter of 2023. Analysts polled by Yahoo Finance expected earnings of $0.51 per share on $22.15 billion in revenue. Tesla reported operating income of $1.2 billion in the first quarter, a 54% decrease from the same year-ago period. The company said in its Q1 earnings report that it experienced “numerous challenges” in the first quarter, including the Red Sea conflict and the arson attack at Gigafactory Berlin and the gradual ramp of the updated Model 3 at its factory in Fremont, California. Tesla also noted that global EV sales continue to be under pressure as many carmakers prioritize hybrids over EVs. On the upside, t...