(NASDAQ: TSLA) recently reported its results for the first quarter, and the results were not great as the downturn seen in electric vehicle (EV) sales weighed on the company's results. Total deliveries fell 9%, while automotive revenue slipped 13% to $17.4 billion and overall revenue was down 9% to $21.3 billion. Meanwhile, earnings per share fell 47% to $0.45, and it saw cash outflows of $2.5 billion.

That's not a great start to the year. However, Tesla's stock nonetheless jumped 12% on the results.

Why is there a positive reaction to such lackluster results? Because CEO Elon Musk shifted the narrative on what type of company Tesla will become in the future.

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Source Fool.com