Tesla Inc. announced on Tuesday that its revenue in the second trimester of fiscal 2024 reached $25.5 billion, growing 2.4% year over year and topping market estimates.
Meanwhile, diluted earnings per share came in below analyst expectations, dropping 46% compared to the same three-month period a year ago and landing at $0.42. Net income slumped 44% on an annual basis, to stand at $1.5 billion.
"In Q2, we achieved record quarterly revenues despite a difficult operating environment ... Overall, our focus remains on company-wide cost reduction, including reducing COGS per vehicle, growing our traditional hardware business and accelerating the development of our AI-enabled products and services," the carmaker shared.
Tesla's stock tumbled 4.28% in the after-hours trading following the release of the report.
