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Tesla<\/a> Inc. fell short of Wall Street profit estimates in the second quarter, extending a rocky start to the year marked by slower sales and mass firings across the company.<\/p>\n It was the fourth consecutive miss for the electric-vehicle maker, which on Tuesday reported adjusted earnings of 52 cents a share, short of the average analyst estimate of 60 cents a share. Tesla\u2019s revenue increased to $25.5 billion, more than the $24.6 billion analysts were expecting.\u00a0<\/p>\n The Elon Musk-led company said its focus remains on cutting costs, and reiterated it sees a \u201cnotably lower\u201d growth rate for 2024 while it\u2019s between \u201cgrowth waves.\u201d\u00a0<\/p>\n The EV maker\u2019s shares fell 3.6% to $238 at 4:23 p.m. in New York, after the close of regular trading. The stock was down about 1% this year at the close of trading Tuesday.<\/p>\n Tesla already\u00a0reported<\/a>\u00a0second-quarter sales that beat analyst expectations and sent the stock soaring. While deliveries were down from a year ago, Tesla improved on a sequential basis from the first three months of the year. Stronger purchases were partly spurred by a series of\u00a0price cuts<\/a>\u00a0that cut into the company\u2019s margins. Its automotive gross margin, excluding regulatory credits \u2014 a closely watched metric by investors \u2014 reached 14.6% in the second quarter, compared to 16.4% in the first quarter.<\/p>\n Investors have bought into Musk\u2019s promises that fully\u00a0autonomous robotaxis<\/a>\u00a0and humanoid robots are around the corner, nearly reversing a year-to-date stock price decline. At one point in 2024, shares were down more than 40% from the end of last year as a result of Tesla\u2019s weaker vehicles sales.<\/p>\n The company expects to make more cars in the current period than it did in the second quarter, it said. Additionally, its new Cybertruck is on track to make a profit by the end of the year while plans for a lower-cost vehicle are moving ahead, with production expected to start in the first half of 2025.<\/p>\n<\/div>\n CEO Daily provides key context for the news leaders need to know from across the world of business. Every weekday morning, more than 125,000 readers trust CEO Daily for insights about\u2013and from inside\u2013the C-suite. Subscribe Now<\/a>.<\/div>\n<\/div>\n\nRecommended Newsletter:<\/strong><\/p>\n