Tesla’s registrations in California dropped 21.1% in the second quarter, marking a seventh consecutive quarterly decline, according to the California New Car Dealers Association. The state is one of the electric-vehicle maker’s most important markets, and the figures add to evidence of softening demand ahead of the company’s earnings release later today. Analysts expect Tesla to report about $22.4 billion in revenue and roughly $0.40 in earnings per share for the quarter, representing year-over-year declines of around 11% and 22%, respectively. Global deliveries fell 13.5% to 384,122 vehicles, and automotive gross margin is projected to remain below last year’s level at about 16.4%. Options pricing points to an approximate 7% swing in the stock once results are published. Investors will scrutinize comments on cost discipline, margin recovery and the firm’s push into autonomous driving after Bloomberg said Tesla is in early talks with Nevada officials to launch a robotaxi service. Attention is also on whether Chief Executive Officer Elon Musk will reaffirm or revise full-year guidance and timelines for a lower-priced model. Alphabet, which will report shortly after Tesla, heads into its own release on a 10-session rally—the company’s longest winning streak since 2010 and worth nearly a 10% gain in the share price. Traders are bracing for a 5.6% post-earnings move, with Wall Street looking for roughly $93.9 billion in revenue and $2.18 in earnings per share and watching for updates on the search giant’s expanding artificial-intelligence and cloud businesses.