Ford shares tumble 13% after massive earnings miss

1) Ford reported the company's earnings in Q2 2024. Here is the key metrics as compared to estimates from analysts polled by LSEG:
• Earnings per share: 47 cents adjusted vs. 68 cents expected
• Automotive revenue: $44.81 billion vs. $44.02 billion expected
2) Net income for the second quarter was $1.83 billion, or 46 cents per share, compared to $1.92 billion, or 47 cents per share, a year earlier. Adjusted EBIT declined 27% year over year to $2.76 billion, or 47 cents per share, compared to $3.79 billion, or 72 cents per share, during the second quarter of 2023.
3) Ford's overall revenue for the second quarter, including its finance business, increased about 6% year over year to $47.81 billion.

4) Shares of the automaker were down about 13% after markets closed. The stock closed Wednesday at $13.67 per share.

My Take:

Like Tesla, Ford's earnings are not bad if you look at revenues and sales. But the share plunges 13% after the announcement which I think investors have overreacted.