- Electric vehicle maker Tesla (NASDAQ:TSLA) slid more than 10 per cent after missing analyst forecasts on Q3 earnings and revenue
- Tesla reported net income of US$1.85 billion for the July-September quarter. Earnings per share fell from 95 cents to 53 cents
- Total revenue rose 9 per cent to US$23.35 billion but analysts had expected US$24.19 billion.
- Tesla opened at US$225.9 per share
Electric vehicle maker Tesla (NASDAQ:TSLA) slid more than 10 per cent after missing analyst forecasts on Q3 earnings and revenue.
Net income plunged 44 per cent in Q3 versus a year earlier, as price reductions helped drive strong sales growth but also ate into its profit margins. Tesla reported net income of US$1.85 billion for the July-September quarter. Earnings per share fell from 95 cents to 53 cents.
Excluding stock-based compensation, Tesla’s adjusted net income fell to US$2.32 billion, or 66 cents per share. According to FactSet, Tesla’s earnings fell short of analysts’ consensus estimate of 73 cents per share on that basis.
Total revenue rose 9 per cent to US$23.35 billion. Analysts had expected US$24.19 billion.
Slowed by factory upgrades, the automaker delivered just over 435,000 vehicles in the quarter, about 31,000 fewer than in the second quarter but still 27 per cent more than in Q3 2022. Since January, Tesla has resorted to steep price cuts and discounts, including reductions of more than 6 per cent across models in Q3.
CEO Elon Musk also warned that the company’s Cybertruck will not produce much positive cash flow more than a year after production starts.
Tesla Inc. is an Austin, Texas-based maker of electric vehicles, solar panels and batteries.
Tesla opened at US$225.90 per share. In the past year, TSLA stock has risen 79.00 per cent.
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