Tesla stock is sinking because profits keep shrinking

Category: Finance

Tesla's stock fell after the company reported second-quarter earnings that missed expectations, with net income dropping to $1.5 billion. Despite a 2% revenue increase to $25.5 billion, automotive revenue fell by 7%. CEO Elon Musk noted increased competition and incentives to boost sales. Investors remain optimistic about future growth in autonomous vehicles and the upcoming robotaxi unveiling.

Keywords: Tesla, earnings report, autonomous vehicles

Source: Quartz

Update At: 7/24/2024

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