Tesla, Inc. shares have seen an increase in after-hours trading despite missing earnings estimates for the first quarter. CEO Elon Musk’s announcements during the company’s conference call have boosted investor sentiment.
Key Points to Know
- Tesla reported first-quarter revenue of $19.34 billion, which is below the Street consensus estimate of $21.35 billion.
- The company’s first-quarter earnings were 27 cents per share, a 40% decrease year-over-year and below the Street consensus estimate of 31 cents per share.
Reader Predictions
A poll conducted before the earnings report revealed that:
- 68% of respondents predicted Tesla would miss consensus estimates
- 19% predicted the company would beat estimates
- 11% predicted the company would meet estimates
Expected Announcements from Musk
Some major announcements from Musk were predicted by Benzinga Pro users, including:
- A reduction in the CEO’s time spent working at the Department of Government Efficiency
- An exit from DOGE and an update on the Robotaxi approval
One user, PrudentOpportunity29, correctly predicted that Musk would announce a reduction in time spent at DOGE and an update on the Robotaxi approval. Musk confirmed that he will spend less time at DOGE starting next month and that the Austin robotaxi launch is still on schedule for June 2025.
Stock Price Action
Tesla stock was up 5.62% at $51.35 in after-hours trading at the time of publication.
Additional Insights
The earnings call and subsequent announcements have provided valuable insights into Tesla’s performance and future plans. As the company continues to navigate the challenges of the electric vehicle market, investors will be closely watching its progress.