Tesla's Financial Performance Sparks Investor Concern

The shares of Tesla Inc. experienced a significant drop, sliding over 6% in the premarket on Thursday. This downturn followed the electric carmaker's announcement of its latest financial results, which seemingly failed to meet investor expectations.

Revenue and Earnings Take a Hit

The company reported a 12% annual decrease in revenue, totaling $22.5 billion. Net income and diluted earnings per share also saw declines, dropping by 16% and 18% respectively, to $1.1 billion and $0.33.

Elon Musk's Outlook and Future Plans

During the earnings call, Tesla CEO Elon Musk hinted at "a few rough quarters" ahead. Despite these challenges, Tesla remains committed to expanding its vehicle lineup, including the introduction of a more affordable model in June, with mass production expected in the second half of 2025.

Stock Performance: By 4:06 am ET, Tesla's stock had plummeted 6.55%, trading at $311.14 per share.