Tesla stock jumped about 5% after hours, but it is down 41% this year.

Elon Musk says he will step back next month from his work with the Department of Government Efficiency to focus more time on Tesla, after the electric carmaker's profits plunged 71%.

Tesla's profits fell 71% over the first three months of this year, a company earnings release on Tuesday showed. The company's performance fell short of analysts' expectations. The decline coincided with a sales slump and stock woes at the electric carmaker,

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 shares are regaining some ground today ahead of the company’s first-quarter earnings report, due after the close. After dropping nearly 6% on Monday, shares of the electric vehicle maker were up close to 5% Tuesday morning.