Tesla Inc. revealed on Wednesday that its revenue in the fourth quarter of fiscal 2024 landed at $25.7 billion, representing an annual increase of 2% and missing estimates. At the same time, diluted earnings per share missed analysts' expectations and came at $0.73, growing 3% compared to the same quarter of 2024. Net income (GAAP) declined 71% year-on-year to reach $2.31 billion.
For fiscal 2024, the American multinational automobile giant's total revenue stood at $97.69 billion, rising 1% on a yearly basis, while net income (GAAP) slumped 53%, settling at $7.09 billion compared to the year prior.
"In 2024, we made significant investments in infrastructure that will spur the next wave of growth for the company, including vehicle manufacturing capabilities for new models, AI training compute and energy storage manufacturing capacity," the company stated. Tesla's stock increased 3.32% in the after-hours trading following the reports's release, selling for $389.10 apiece.
