Tesla tops estimates for quarter, but wraps up first annual revenue drop on record
Tesla's earnings report comes weeks after Elon Musk's automaker reported another decline in vehicle deliveries.
TL;DR
- Tesla's Q4 adjusted earnings per share were 50 cents, exceeding the estimated 45 cents.
- Q4 revenue was $24.90 billion, slightly surpassing the estimated $24.79 billion.
- This marks the first recorded annual revenue decline for Tesla, with full-year revenue falling to $94.8 billion from $97.7 billion.
- The auto segment revenue decreased by 11% in Q4, and vehicle deliveries fell 16% for the quarter and 8.6% for the full year.
- Tesla is expanding its Robotaxi pilot service to seven additional U.S. markets in the first half of the year.
- The company has begun tooling for its Cybercab, a driverless car without a steering wheel or pedals.
- Net income for the quarter plunged 61% due to a 39% increase in operating expenses.
- Revenue in energy generation and storage increased by 25%, and services and other revenue rose by 18%.
- Tesla is investing approximately $2 billion in Elon Musk's AI startup, xAI.