Shares in U.S. electric carmaker Tesla fell by around 3% at times in U.S. after-hours trading after the company on Wednesday reported fourth-quarter figures that missed analysts' estimates, with profits plunging by over 70% compared to the same quarter a year earlier.
The electric carmaker's total revenue increased by 2% year over year to $25.7 billion. Analysts had expected an average of $27.3 billion.
Quarterly profit fell by 71% to just over $2.3 billion. Tesla also reported adjusted earnings of $2.57 billion or $0.73 per share for the period, missing analysts' expectations of $0.76 per share.
Last year, Tesla suffered the first decline in deliveries of its electric cars in more than a decade.
The U.S. manufacturer led by tech billionaire Elon Musk delivered just under 1.79 million vehicles to customers. This was 19,355 fewer than in 2023, although Musk had forecast a slight increase.
To achieve that, Tesla would have had to deliver 515,000 cars to customers in the final quarter of the year. Despite a sales offensive, only 495,570 vehicles were ultimately sold in Q4 – still a record figure. The figure also fell short of analysts' average estimates.
Tesla's stock has been on a roll since the November U.S. presidential election, thanks to Musk's close relationship with President Donald Trump.
