Tesla shares are rising despite a weak first-quarter performance marked by declining revenue, shrinking margins, and slowing demand for its electric vehicles globally.

Tesla reported a first-quarter earnings miss after Tuesday's closing bell, and MarketWatch broke down the results and followed along the post-earnings call. The miss seemed irrelevant for the stock, which rallied nearly 5% as investors cheered news that Chief Executive Elon Musk is expecting to spend more time at the EV maker and less time on DOGE starting next month.

Tesla stock is down more than 50% from its December peak as Elon Musk’s company heads into an earnings report expected to bring its worst profit in four years.