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Tesla sees biggest revenue drop since 2012 but company shares still surge

Shares are up despite a revenue decline of 9% after company said it expects to release new vehicle models sooner than expected

Tesla shares surged nearly 10% in after-hours trading on Tuesday after posting earnings results, despite a revenue miss for the first quarter of 2024 and recently announcing a recall of its Cybertruck.

The electric vehicle manufacturer posted $21.3bn in revenue, lower than the $21.48bn estimated and a 9% drop year over year – marking its biggest decline since 2012. As part of the report, the company released previews of a ride-hailing app to be integrated into its products and said it expects to release new vehicle models sooner than expected, bolstering investor confidence.

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