Tesla Inc. is expected to report fourth quarter results after the bell on Wednesday, and a known Tesla bull calls the report “one of the most important in history” for both the EV maker and the chief executive. Elon Musk.
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shares edged higher on Tuesday after a rally on Monday that took them to their highest close since Dec. 19.
See also: Tesla earnings preview: Price cuts take center stage as stock hovers around 2-year low
“After experiencing unprecedented hyper growth over the past few years in the electric vehicle market that was essentially created by Musk, Tesla now faces a darker macro in 2023 with fierce competition coming from all angles,” Wedbush analyst Dan Ives said in a note on Tuesday.
The FactSet consensus calls for Tesla to report fourth-quarter adjusted profit of $1.13 on sales of $24.7 billion. That would compare to an adjusted profit of 85 cents on sales of $17.7 billion in the fourth quarter of 2021.
“Adding to this backdrop is Musk who essentially went from a superhero with a red cape to a villain in the eyes of many investors after the ongoing Twitter fiasco cast a dark shadow over Tesla shares” , Ives said.
Musk testifies in a federal lawsuit around taking Tesla’s private tweets in 2018.