Analysts expect the Austin, Texas-based company to report quarterly earnings at 40 cents per share, down from 52 cents per share in the year-ago period. Tesla projects to report quarterly revenue at $22.13 billion, compared to $25.5 billion a year earlier, according to data from Benzinga Pro.

The Cantor Fitzgerald analyst discusses disappointing deliveries and soft energy revenue, lowering his estimates from $24.1 billion to about $21 billion. That’s a major reset in investor expectations just a couple of days before Tesla opens the books.

Tesla is slated to report its second quarter earnings after close Wednesday, as the Austin-based electric automaker sees sliding sales and continued

Tesla's astronomical price-to-earnings ratio of 189 is meme-level, while competitors like Microsoft and Amazon sit around 39 and 37. With EV competition rising and Tesla's sales falling, the hype may not be enough to justify its valuation.

Ahead of Tesla's second-quarter earnings call on Tuesday, Black posted on X, forecasting adjusted earnings per share of 39 cents and an automotive gross margin of 13.3% excluding regulatory credits.

Economists expect double-digit drops for the automaker’s top and bottom lines after a record decline for quarterly vehicle deliveries.

Dow futures rose as Trump announced a Japan trade deal after growth lagged the stock market. Tesla, Google and GE Vernova are due Wednesday.