Tesla’s profits slide despite growing revenue as it pivots to robotics and AI
The News
Tesla reported lower-than-expected second-quarter profits on Wednesday, causing its stock to drop further after having already declined about 14% year-to-date. The disappointing earnings come as Elon Musk's focus shifts to SpaceX, which recently completed the largest IPO in history. Despite growing revenue, Tesla's profitability has suffered, and the company is pivoting toward robotics and artificial intelligence.
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Tesla's profits slid despite rising revenue, indicating margin pressure.
Tesla reported second-quarter earnings on Wednesday with far lower profits than expected.
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Key findings
Tesla reported second-quarter earnings on Wednesday with far lower profits than expected.
The Guardian- Tesla's profits slid despite rising revenue, indicating margin pressure.
- Shares fell 3% after-hours due to missed earnings per share expectations.
Plain English
Loaded language removed<p>Shares in Elon Musk company fall more 3% in after-hours trading, as earnings per share miss Wall Street expectations</p><p>Tesla reported its second-quarter earnings on Wednesday, disclosing far lower profits than expected.
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Claims
Tesla reported second-quarter earnings on Wednesday with far lower profits than expected.
The GuardianTesla's shares fell more than 3% in after-hours trading following the earnings report.
The GuardianTesla's stock had fallen around 14% year-to-date before the earnings report.
The GuardianElon Musk became the world's first trillionaire after the SpaceX IPO, but his net worth has since fallen from its peak.
The Guardian