Shares of Tesla fell 2.5% in trading after Tuesday’s closing bell. The stock had been down more than 40% earlier in the year, but have since recovered.
Tesla Inc. ’s second-quarter net income fell 45% from a year ago as the company’s global electric vehicle sales tumbled despite price cuts and low-interest financing. The Austin -based company said Tuesday it made $1.48 billion from April through June, down from the $2.7 billion it made in the same period of 2023. It was Tesla’s second-straight quarterly net income decline and fourth-straight to fall below Wall Street estimates. Second quarter revenue rose 2% to $25.
Elon Musk wins back his $44.9 billion Tesla payday in shareholder vote The lackluster earnings extended the company’s rocky start to the year, which has been marked by mass layoffs, slower sales, multiple recalls and a shareholder battle over CEO Elon Musk’s massive pay package. Earlier this month Tesla said it sold 443,956 vehicles from April through June, down 4.8% from 466,140 sold the same period a year ago.
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