Tesla's first-quarter earnings report itself was a disaster, but Musk gave investors some much-needed good news on the conference call.

Tesla ( TSLA 4.71%) stock gained ground today in the lead-up to its first-quarter earnings results, which were published after the market closed. The electric vehicle (EV) leader's share price ended the day up 4.8% amid a 2.5% jump for the S&P 500 and a 2.7% gain for the Nasdaq Composite.

Key Takeaways Tesla shares jumped Wednesday morning, despite the EV maker's first-quarter results missing analysts' estimates.CEO Elon Musk said in Tuesday's earnings call that he will scale back his government work starting next month,

The disappointing results come as the company struggles to sell cars to consumers angry over Elon Musk’s leadership of a federal government jobs-cutting group that has divided the country and sparked protests.

Elon Musk, CEO of Tesla, said he would be spending less time with the Trump administration after first-quarter earnings fell short of expectations.

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. Total revenue decreased by 9% from one year earlier,