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Tesla’s Weak Earnings Set Tone for Tech Sector Amid Political Backlash
Tesla’s Weak Earnings Set Tone for Tech Sector Amid Political Backlash
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Tesla's disappointing second-quarter results cast a shadow over the opening of U.S. tech earnings season. Automotive revenue plummeted 16% year-over-year to $16.7 billion, with regulatory credit sales nearly halving to $439 million. The EV Maker missed Wall Street estimates on both earnings (40 cents vs. 43 cents expected) and revenue ($22.50 billion vs. $22.74 billion forecast).
Delivery declines and political controversies surrounding Elon Musk compound Tesla's challenges. The company reported 384,000 Q2 vehicle deliveries, marking a 14% annual drop. Musk's increasingly visible political engagements coincide with growing backlash in key markets across North America and Europe.
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