Tesla’s profits slide despite growing revenue as it pivots to robotics and AI

Tesla reported its second-quarter earnings on Wednesday, disclosing far lower profits than expected. The company’s already beleaguered stock, which had fallen about 14% this year to date, dipped further following the earnings report.

Elon Musk’s automaker, once the pinnacle of his tech empire, has taken a back seat to SpaceX. Musk’s rocket and AI company held the largest stock market debut in history last month, turning the richest man on Earth into the world’s first trillionaire, though his net worth has since fallen from its peak.