Tesla Inc (NASDAQ:TSLA) shares moved higher after Wednesday’s closing bell despite the electric vehicle maker’s quarterly earnings falling short of expectations.
For the quarter, Tesla posted a 2% year-over-year increase in revenue to $25.7 billion, below the $27.1 billion expected by Wall Street analysts.
Automotive revenue declined by 8% to $19.8 billion while energy generation and storage revenue surged 113% to $3 billion and services and other revenue increased by 31% to $2.8 billion.
Earnings per share (EPS) of $0.73 marked a 3% improvement from the year-ago quarter but fell short of estimates of $0.77.
An operating profit of $2.7 billion was in line with expectations.
Both revenue and earnings for the full year also fell short of the Street consensus. EPS was $2.42 and revenue came in at $97.7 billion, short of the $2.45 and $99.6 billion, respectively, expected.
After initially falling more than 3%, shares of Tesla traded up 4% post-earnings.