TSLA: Tesla Stock Skids 6% on Earnings Miss, Slowing Growth & Lack of Sales Guidance

Electric vehicle maker’s revenue growth fell below estimates while 2024 guidance failed to please investors.

• Tesla stock TSLA fell 6% in off-hours after the company delivered its earnings update after the closing bell on Wednesday. The Elon Musk-led EV giant reported sales and profits that missed Wall Street’s consensus view and then added fuel to the fire by not providing firm guidance for car sales in 2024.
• For the December quarter, Tesla’s revenue increased 3% to $25.17 billion, falling under analysts’ calls for $25.6 billion. It was a steep drop from the year-ago quarter’s 16% jump. Earnings per share arrived at 71 cents, diving below the 74 cents expected by the Street. The company warned that volume growth may be “notably lower” this year.
• Tesla has been trailing behind its peers from the elite group called the Magnificent Seven. While all the rest of the pack boast gains for the year, the EV maker is down 16% since early January. More notably, Tesla’s lack of concrete sales guidance added to the looming bearish mood over the stock.