Tesla's fourth-quarter net income fell 71% from a year ago when results were boosted by a one-time tax benefit. The latest results fell short of Wall Street forecasts.

Tesla is slated to release its fourth-quarter earnings after the market closes on Wednesday. Any movement will hinge on what the electric vehicle maker—and CEO Elon Musk–say about growth, EV demand, and advances in AI.

Tesla is expected to report earnings after Wednesday's close and here is a closer look at what Wall Street expects.

During the fourth quarter of 2024, Tesla said it earned $2.3 billion in net income on $25.7 billion in revenue. That represents a 1.9 percent increase year over year compared to $25.2 billion in revenue in Q4 2023 and a 70 percent decrease in net income. (The company’s net income in Q4 2023 includes a one-time non-cash tax benefit of $5.9 billion.)

The electric-car maker reported net income of $2.5 billion, a result driven in part by strong growth in Tesla’s energy business.

Tesla’s fourth-quarter net income fell 71% from a year ago when results were boosted by a one-time tax benefit. The latest results fell short of Wall Street forecasts. The electric vehicle company run by Elon Musk said on Wednesday that it made 2.