Tesla Shares Surge 11.1% After Q1 Earnings, Despite Lower EPS and Revenue

Tesla reported its first-quarter earnings today, with shares significantly rising in after-hours trading. The company announced earnings per share (EPS) of $0.51, a decrease from $0.85 in Q1 2023, and revenue of $22.3 billion, down 4.3% year-over-year. Despite the decline in EPS and revenue, Tesla shares surged, closing up 11.1% after the earnings call. Tesla CEO Elon Musk also projected higher sales for the company this year compared to last.