Tesla’s (TSLA) much anticipated first-quarter results will be out after the closing bell this afternoon. The company is expected to report EPS of $0.73 and sales of $9.887 billion which would represent 65% YoY growth from last year. While that would be impressive growth versus a year ago, when it comes to stock price reaction in tomorrow’s session, Q1 earnings are usually somewhat underwhelming. As shown in the snapshot of our Earnings Explorer below, Q1 earnings have seen a positive reaction the least often of any quarter for TSLA with the stock finishing the day after earnings in the green only 30% of the time and down in each of the last five Q1 reports. Additionally, the average full-day gain of 0.25% is the second smallest move higher of any quarter next to the 0.1% average gain in Q4. Although the full-day average performance has not necessarily been the worst, Q1 has averaged the worst returns from open to close with a decline of 1.93%.
Regardless of the results, the overall trends for the EV market have been pretty positive recently based on Google Trends data. So far in 2021, searches under the Autos and Vehicle categories for “Plug-In Hybrid” have surged to record highs. Even after pulling back in April, current levels of searches are stronger than almost any point in the past. The same goes for searches of charging stations. Given people who already own an EV would be searching for charging stations, this would perhaps be a better read-through for the number of people who own and are using their EVs. Even at a time of year that searches for the term are seasonally weak, the current levels of search interest are at a historically strong level meaning EVs are more popular on the road. Click here to view Bespoke’s premium membership options for our best research available.