Tesla Inc. (NASDAQ:TSLA) stock declined 2.89% before the bell on Thursday, as the EV maker missed Wall Street’s quarterly earnings per share (EPS) expectations.

Fourth Consecutive EPS Miss

Tesla reported third-quarter revenues of $28.095 billion, marking a 12% year-over-year increase, and surpassing the Street’s consensus estimate of $26.239 billion.

However, EPS of 50 cents came in below the Street’s estimate of 54 cents— marking the fourth consecutive miss on expectations. This was in part due to tariff and research costs, as well as a drop in income from regulatory credits that are expected to continue to fade away with recent legislation passed by the Trump administration.

Operating income ...