Tesla Reports First Full-Year Revenue Decline Ever—Despite Topping Fourth-Quarter Estimates
['Antonio Pequeño Iv']
Forbes - Business
Topline Tesla topped revenue expectations in fourth-quarter earnings released Wednesday, narrowly exceeding Wall Street’s expectations even as it reported its first ever decline in annual revenue.
Tesla reported earnings after the bell Wednesday.
David Paul Morris/BloombergKey FactsTesla reported revenue of $24.9 billion in the fourth quarter, about 3.1% less than the $25.7 billion reported in the same period last year and coming in just above the roughly $24.7 billion analysts were forecasting.
Tesla’s total automotive revenue clocked in at $17.7 billion, below Wall Street estimates of $17.8 billion, according to FactSet.
However, Tesla reported record sales in its third-quarter earnings, revealing a 24.8% increase in revenues from the second quarter, when it experienced its largest sales decline in more than a decade.