Tesla is up slightly in afterhours trading Wednesday evening after the company beat Wall Street targets for fourth-quarter revenue and profit despite a sharp decline in vehicle profit margins. Additionally, remarks in the report sought to reassure investors that it can cut costs and continue to generate cash as competition intensifies in the year ahead.
The company said revenue was $24.32 billion for the three months ended Dec. 31, compared with analysts’ average estimate of $24.16 billion, according to IBES data from Refinitiv.