Tesla logged a revenue gain in the fourth quarter helped by its energy generation and storage business.
The stock was up 3.5% to $402.67 in post-market trading.
Revenue rose to $25.71 billion from $25.17 billion a year earlier. The company said that automotive sales revenue dropped 8.2% to $19.80 billion, while its energy generation and storage revenue more-than-doubled to $3.06 billion.
The electric-car maker on Wednesday posted a net profit of $2.32 billion, or 66 cents a share, compared with $7.93 billion, or $2.27 a share, for the same period a year earlier, after seeing a decline of about 8% in sales across its core automotive business. Analysts polled by FactSet had forecast adjusted earnings of 66 cents.
Stripping out one-time items, Tesla's earnings came in at 73 cents, coming below the 77 cents a share expected by analysts.
Total deliveries rose 2%, as the company disclosed earlier this month, after a surge of promotional deals in the fourth quarter failed to stimulate sales enough to top the prior-year results. Overall, Tesla's annual vehicle deliveries fell in 2024 for the first time in more than a decade.
For 2025, Tesla said it expects its vehicle business to return to growth, and its energy storage deployments to rise at least 50%.
"Plans for new vehicles, including more affordable models, remain on track for start of production in the first half of 2025," Tesla added.
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