Tesla (TSLA) shares fell 2.5% in extended trading Wednesday after the electric vehicle maker’s fourth-quarter revenue and adjusted profit came in lower than expectations.
Tesla posted net income of $2.32 billion, or $0.66 per share, on revenue of $25.71 billion. Analysts polled by Visible Alpha expected profit of $2.33 billion, or 66 cents per share, on revenue of $27.35 billion. Adjusted earnings per share (EPS) of $0.73 came in 5 cents below estimates.
The results come after Tesla’s Q4 deliveries and production figures fell short of estimates earlier this month. The EV maker recorded a year-over-year deliveries decline for the first time, slipping to 1.79 million in 2024 from 1.81 million the prior year.
Analysts have said the company is likely to benefit from CEO Elon Musk’s proximity to President Donald Trump, lifting their price targets as Tesla shares have rallied roughly 60% since the Nov. 5 election.
Tesla shares had finished Wednesday’s regular session down more than 2% to $389.10, more than double their price from 12 months ago.
