Shares plunged 16% as the EV maker missed its quarterly targets and CEO Elon Musk warned of a potential profitability slowdown.The stock is still up 72% year-to-date, but has given up some of its gains over the past few months with the early-2023 hype around AI fading and investors starting to fret about the impact of higher interest rates.
On Wednesday, Tesla reported quarterly earnings that fell well short of Wall Street's expectations. The company posted adjusted earnings-per-share of $0.66, missing the consensus estimate of $0.74, and also underperformed analysts' revenue forecasts. Investors who hold shares in Tesla's Big Tech rivals will be hoping that the carmaker's hellish week isn't a sign of things to come.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: