Tesla shares bumped higher in early Thursday trading following a disappointing fourth quarter earnings update that was somewhat offset by a bullish outlook from CEO Elon Musk, triggering a host of price target changes from analysts on Wall Street.

The final earnings release of 2024 finalized another difficult year for Tesla’s bottom line, as its full-year net income came in at $8.4 billion, a 23% decrease from 2023 and a 40% decline from 2022’s record $14.1 billion profit, though its full-year revenue rose $97.7 billion, a 1% improvement from 2023’s record.

Key Takeaways Tesla shares gained ground in extended trading on Wednesday as optimism over the automaker's self-driving outlook trumped fourth-quarter results that came in below Wall Street’s expectations.