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All right, we got the numbers here. So earnings per share coming out at 27 cents, that's below the 43 cents that had been estimated. On revenue coming in at 19.34 billion dollars. The average analyst estimate was for 21.37 billion. So missing, uh, pretty significantly, especially on the earnings front. And some of the other things, uh, that we're seeing here initially here, um, some comments that the tariff landscape will have a larger impact on the energy unit, that the company's going to revisit its 2025 guidance in their second quarter update. That is not particularly unusual right now, in terms of what we're hearing from companies. Uh, Tesla says it's difficult to measure the impacts of global trade policy, but the things will stable stabilize in the medium to long term. The company also says that its plans for new vehicles is on track to start production in the first half of 2025. So still on track for that. We'll see. Um, and that there is sufficient liquidity to fund the product roadmap, but the uncertainty could affect demand in the near term here. Um, and it looks like there is not a return to growth forecast in this earnings report. Um, so, we're, you know, we'll see what kind of color commentary we get on the conference call related to that.

Yeah. And I, going along with some of that, um, tariff commentary, Julie, going just through the presentation here, uh, company's talking about automotive energy markets continue, um, uncertainty continues to increase, uh, as rapidly evolving trade policy adversely impacts global supply chain, cost structure of Tesla and our peers. This dynamic, along with changing political sentiment. Interesting for them to call that out within the statement within their presentation itself, could have a meaningful impact on demand for our products in the near term. So, pretty forthright, you know, commentary from the company here around the challenges facing the business. How, I know I just gave a preamble about how the story is really about what Elon says and buying his worldview and the company has generally viewed commentary to this effect, I would say as, you know, again, very Wall Street, very numbers, very you're not seeing the big picture. But I think for Tesla to come out and, you know, be pretty forthright about the challenges facing the business at this point in time, and you look at a miss of the magnitude we're looking at, um, you know, a change in tone, I guess, I would say. It's a different different sort of release, I think, from the company than you are typically, you know, want to see if you go back to the quarters.

The changing political sentiment really does pop out, right? Because when you think about sales not being as strong to start the year, right? Of course, disappointing. And really just a large part of that story as we were highlighting a minute ago, we know that people are not that excited about Elon Musk's involvement in the new administration to the point that he's been involved. We've run several survey data is right. We've been covering this for the past couple of months of people just saying that they're less interested in buying Teslas. So then I think my question is sort of spinning it forward, because we keep on saying how it's really kind of all about the call with Elon. To what extent is he willing to talk about this? To maybe address any level of what does political, changing political sentiment actually mean? Are they aware of sort of how consumers are now changing their views on the company? And is that part of their actual calculus moving forward and something he's sort of considering amid all of this?

Yeah. And it also highlights, once again, the bizarre position of the world's richest man and head of one of the world's biggest companies, being in this position in administration, with which he is at odds regarding trade policy. Clearly, everything that is in this report indicates that trade policy is not good for a company like Tesla. Even though Elon has talked in the past, you know, yes, they they assemble or build their cars in the United States. But he has, you know, he's at loggerheads with Peter Navarro, the trade advisor to the president on this issue. And again, it it highlights the perils of being in the private sector and yet being so close to the political realm. Not just for the actual political ramifications, but if if if what the administration is doing is against your shareholders interests.

It's it's a challenging position because what Tesla said in the release is materially the same as what most companies are going to say versions of in their release. But to your point, Julie, most companies do not have their chief executive, you know, in the Oval office many days. Yeah, exactly. So that's a big difference there. Um, yeah, I also the stock's doing nothing, which is fascinating to me. I'm sitting here looking at the stock like what are we doing? I guess we're going to wait for the call. Down 1%.

Maybe people are waiting for the call?

It seemed like coming into the report pricing an 8% move, something like this. The market prices

Yeah, but didn't most people coming into the report think that the report was

The stock's up 40% this year.

Yeah. No one really thought the report was going to be that good anyway, right? So you get a not good report and kind of what do you do with these numbers again until you hear, I think, some larger questions that people want to know from Musk in the call?

There was a lot of commentary going into this that this would be a sort of reset year for Tesla. That it's not that the first quarter doesn't matter, in the words of Adam Jonas of Morgan Stanley, but it is more that you now have to sort of reset and look past this and see what happens next.