05:04 AM EDT, 07/24/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Tesla (TSLA) shares were trading down 6.8% in premarket activity Wednesday after the electric vehicle manufacturer overnight reported a steeper decline in Q2 earnings than the market had anticipated.

The company reported Q2 non-GAAP earnings late Tuesday of $0.52 per diluted share, down from $0.91 a year earlier.

Analysts surveyed by Capital IQ expected $0.62.

Revenue for the quarter ended June 30 was $25.5 billion, up from $24.93 billion a year earlier.

Analysts surveyed by Capital IQ expected $24.74 billion.

Price: 229.71, Change: -16.67, Percent Change: -6.77