April 23 - Tesla (NASDAQ:TSLA) shares advanced more than 6% in premarket trading on Wednesday after Chief Executive Elon Musk said he plans to scale back his involvement with the federal Department of Government Efficiency, or DOGE, to refocus on the automaker.
The comment followed Tesla's first-quarter earnings release late Tuesday, which showed adjusted earnings per share of $0.27 on revenue of $19.34 billion. Both figures fell short of analyst expectations of $0.42 EPS and $21.4 billion in revenue.
Automotive sales dropped 20% year over year as Tesla faced stiffening competition and fallout tied to Musk's political profile. The billionaire's close association with U.S. President Donald Trump and his leadership in the DOGE initiative, aimed at shrinking federal government operations, has drawn backlash, including protests and vandalism at Tesla showrooms.
On the post-earnings call, Musk said his time with DOGE will drop significantly, estimating he'll spend just one or two days per week on government matters. He added that, starting in May, his primary focus would shift back to Tesla.
The company also said it is reassessing its full-year guidance amid recent performance pressures.
This article first appeared on GuruFocus.免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。