TSLA - Tesla's Revenue Victory Over Disney 'A Modest 'Start' Says Elon Musk: Stock To See Better Times After January's $180B Wipeout? | Benzinga
Tesla, Inc. (NASDAQ:TSLA) shares staged a recovery from an eight-month low on Monday, sparking a divergence in opinions between CEO Elon Musk and investors, as well as analysts, regarding the electric vehicle maker’s future outlook.
What Happened: Musk, responding to an X post on Sunday that highlighted Tesla’s annual revenue surpassing entertainment giant Disney Co.’s (NYSE:DIS) in 2023, praised the achievement with a modest “It's a start.”
Tesla reported $96.77 billion in revenue for 2023, a 19% annual increase, outpacing Disney’s $88.90 billion for the fiscal year ending Sept. 30, 2023.
It's a start — Elon Musk (@elonmusk) January 29, 2024
Despite robust revenue growth, Tesla’s performance fell short of Wall Street expectations in the third and fourth quarters. Slowing electric vehicle adoption and economic uncertainties led to lower demand, with near-term guidance indicating a significant drop in 2024 volume growth. The company attributed this to preparations for launching its next-generation budget model EV.
Tesla faced its second consecutive quarterly earnings per share miss, with EV price cuts impacting ...