US Stock Futures Mixed, Tesla Earnings Miss Estimates, Other Stocks Decline in Pre-Market Trading

Tesla reported Q2 revenue of $22.5 billion, down 12% YoY, and EPS of $0.40, missing the consensus estimate of $0.42. Shares fell 6.5% to $310.99 in pre-market trading. Other stocks moving lower include Community Health Systems, Helix Energy Solutions Group, Galapagos NV, Chipotle Mexican Grill, STMicroelectronics N.V., Viking Therapeutics, Krispy Kreme, International Business Machines Corporation, and QuantumScape Corporation.

Tesla (TSLA) released its Q2 2025 earnings yesterday, July 23, after the markets closed. The stock is trading lower today as CEO Elon Musk’s bullish chatter failed to overshadow the earnings miss. Here are the key takeaways from the report and whether Tesla stock looks like a buy after its initial post-earnings fall.

Tesla reported revenues of $22.5 billion in the quarter, which fell short of the $22.74 billion that analysts were expecting. Its earnings per share came in at $0.27, which was also below the $0.29 that analysts were expecting [1].

Other Key Takeaways from Tesla’s Q2 Earnings

- Affordable Model: Tesla announced that it commenced production of its affordable model in June, but has delayed the ramp-up as it prioritizes deliveries of other models before the electric vehicle (EV) tax credits expire.
- Macro Factors: Musk said that the “biggest obstacle” for Tesla is not the desire to buy its cars, but that many “don’t have enough money in their bank account to buy it.” The company virtually withdrew its 2025 guidance, saying it is “difficult to measure the impacts of shifting global trade and fiscal policies on the automotive and energy supply chains.”
- Margin Boost: The revamped Model Y has been accretive to Tesla’s margins. The company’s gross margin came in at 17.2% in Q2, which was ahead of the 16.5% that analysts were modeling.
- Regulatory Impact: Sales of regulatory credits dropped to $439 million in Q2 as compared to $890 million in the corresponding quarter last year. Musk warned that the removal of the EV tax credit is another headwind for its business.

Tesla shares have endured a volatile year, falling 12% year-to-date. Yet despite mounting operational and market headwinds, the stock has rebounded sharply from its March low near $220, closing at $332.56 at the end of today’s trading session. Shares have gained around 3% over the past five sessions, even as analysts question the company’s underlying fundamentals [2].

Should You Buy the Dip in TSLA Stock?

I don’t find today’s dip juicy enough to buy Tesla shares. The company is currently going through a transition period as it pivots to robotaxis and later, Optimus. However, its current business is undeniably going through a worsening slowdown, and the recent regulatory changes in the U.S. are set to make things even tougher. Given Tesla’s ongoing capex, it won’t be surprising to see the company access capital markets in the medium term. China remains yet another challenge as domestic EV companies are racing ahead with their lower-priced and exciting models.

References:

[1] https://finance.yahoo.com/news/tesla-stock-slipping-despite-musk-150556875.html
[2] https://globelynews.com/business/tesla-q2-2025-earnings/