Tesla Stock Moving Fast ahead of Earnings Report

Tesla's quarterly earnings report will be released later today and shed light on where the company is at.

Timothy St. John•Tuesday, July 23, 2024•2 min read

By the end of trading on Tuesday, Tesla (TLSA) will have reported its quarterly earnings for the second fiscal quarter of the year.

Tesla will give their quarterly earnings report today.

The stock is already high as a result of the incoming report, up 5.15% by the time the market closed on Monday, and it may trade well throughout Tuesday too.

The company’s stock fell for much of 2024, starting off at $248 and dropping to $142 in April. Then, the stock began to slowly work its way back up. Today, Tesla stock is trading at $254 and climbing.

The drop off earlier in the year was one of the hardest Tesla has experienced in years, but the company may be turning things around now.

Tesla’s troubles this year have come from several quarters. The electric car company’s CEO Elon Musk has been involved in public disputes and backlash due to strong political statements and controversial views. The company has also experienced a decline in vehicle deliveries compared to 2023. On top of those issues, Tesla has had to cancel a few of its previously announced products and lay off a number of employees to make up for the loss of revenue.

The Outlook for Tesla

Musk is, as usual, very optimistic about the company’s forecast for the near future. However, investors are worried about how Tesla is performing compared to last year.

There will be an earnings call Tuesday to help provide clarity on the state of the company and where it is headed, and the major revenue decline that happened early this year will need to be addressed. Tesla needs to reassure shareholders that they are doing something about the declining sales.

Tesla is working to increase electric vehicle sales through price cuts and a number of promotions, and they have improved their profit margin with company-wide layoffs. The expectation is that Tesla will report about $24.77 billion in adjusted earnings for the quarter, which would bring the earnings per share of about 62 cents.

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ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.