Tesla sees biggest revenue drop since 2012 but company shares still surge

Shares up despite dip in revenue and profits after company said it expects to release new vehicle models sooner than expected

Tesla shares surged nearly 10% in after-hours trading on Tuesday after posting earnings results, despite a revenue miss for the first quarter of 2024, a steep decline in profits, and a recall of its most recently released car, the $100,000 Cybertruck.

The electric vehicle manufacturer posted $21.3bn in revenue, lower than the $21.48bn that was estimated and a 9% drop year over year - marking its biggest decline since 2012. Profit was $1.1bn, a 55% decline from the first quarter of 2023, the company said.