TSLA: Tesla Stock Gains Despite a 71% Drop in Profit. Musk to Spend Less time on DOGE.

EV maker’s net income came in at $409 million, down from the $1.4 billion picked up at the same time last year. Is Musk moving out of DOGE?

🚗 Tesla Slides on Earnings, Rallies on Musk’s DOGE Pivot

• Shares of Tesla TSLA jumped 5% in pre-market trading Wednesday, even after the EV giant reported a bruising 71% year-over-year drop in net income, a miss on both earnings and revenue, and a double-digit plunge in automotive sales. Hey, but at least Musk is moving out of DOGE (maybe).
• Musk told analysts he’d be spending significantly less time on his federal cost-cutting role at the Department of Government Efficiency (DOGE), an offbeat White House venture that’s been pulling him into policy skirmishes and away from his day job at Tesla.

📉 By the Numbers: Ugly Quarter Across the Board

• Let’s go to the numbers: First-quarter earnings per share came in at 27 cents, well below the 39 cents expected. Revenue fell to $19.3 billion, missing estimates of $21.1 billion and down 9% from the same quarter last year. Automotive revenue tanked 20% to $14 billion. Net income? Just $409 million, compared to $1.4 billion a year ago.
• Tesla blamed the revenue slump on factory upgrades to prepare for a refreshed Model Y, along with lower average selling prices and aggressive sales incentives.

📊 Trump Says Powell Stays — Relief Rally Engaged

• Also helping the shares rise despite the bad showing was President Trump’s announcement late Tuesday that he has no plans to remove Fed Chair Jay Powell, calming fears of immediate monetary policy chaos — and boosting risk appetite across the board.
• Still, Tesla stock remains down 38% year to date, and Q1 was the company’s worst quarter since 2022. But for now, the combination of Musk pivoting back to car engineering and a broad macro relief has bulls breathing a little easier — even if the fundamentals are still flashing red.