Tesla Stock Is Sliding Wednesday: What's Going On?
Portfolio Pulse from Adam Eckert
Tesla Inc (NASDAQ:TSLA) shares are trading lower following the company's second-quarter financial results. Despite a revenue increase of 2% year-over-year to $25.5 billion, Tesla missed earnings estimates with adjusted earnings of 52 cents per share. Automotive revenue fell 7% year-over-year, and vehicle production and deliveries were down. Tesla expects slower vehicle growth in 2024. Analysts have adjusted their price targets, and CEO Elon Musk is considering a $5 billion investment in his AI startup xAI.
July 24, 2024 | 1:22 pm
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Tesla's Q2 financial results show a revenue increase but a miss on earnings estimates. Automotive revenue fell, and vehicle production and deliveries were down. The company expects slower vehicle growth in 2024. Analysts have adjusted their price targets, and CEO Elon Musk is considering a $5 billion investment in his AI startup xAI.
Tesla's Q2 earnings miss and decline in automotive revenue, along with lower vehicle production and deliveries, are likely to negatively impact the stock price in the short term. The expectation of slower vehicle growth in 2024 adds to the negative sentiment. Analysts adjusting their price targets further supports the likelihood of a downward trend.
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