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Tesla Stock Plummets After Disappointing Earnings Report

Shares Drop 17% in Premarket Trading

TSLA Stock Declines After Earnings Report

April 22, 2024 - Tesla Inc. (TSLA) stock fell sharply in premarket trading on Friday after the electric vehicle maker reported disappointing first-quarter earnings.

As of 5:08 AM EDT, TSLA stock was trading at $14,283, down $422 (2.87%) from Thursday's close. The stock had earlier fallen as low as $14,229, a decline of 3.2%. The premarket volume was reported at 464,228 shares.

Tesla reported a loss per share of $0.27 for the first quarter, well below analysts' expectations of a profit of $0.33 per share. The company also reported lower-than-expected vehicle deliveries and production.

The disappointing earnings report has raised concerns among investors about Tesla's ability to meet its ambitious growth targets. Some analysts believe that the company may need to raise capital in the near future to fund its expansion plans.

Tesla's stock price has been under pressure in recent months due to a combination of factors, including rising interest rates, supply chain disruptions, and increased competition in the electric vehicle market. The stock has lost over 50% of its value since hitting a high of $30,658 in November 2021.

Investors will be closely watching Tesla's upcoming earnings reports for signs of improvement. The company is scheduled to report second-quarter earnings in late July.