Growing and Falling – Tesla Releases Earnings 💰

Growing and Falling – Tesla Releases Earnings

Following the top-notch positive report of major tech company Netflix, EV automaker Tesla has just announced their own earnings after the bell concluded the day’s stock trading. For the third quarter of the year, Tesla was able to create almost $3.3 billion in profits, just missing their previously set quarterly record by a couple hundred million. Their revenue, however, did become their highest ever, topping at around $21.5 billion up from last year’s $13.8 billion in Q3. Although their profits and revenue for the three months ending in September may have seemed high, they did not beat analysts’ expectations, thus sending the stock down over 6% in the aftermarket. The company stated in its earnings call that its numbers were not able to meet expectations due to inflation, higher operational costs, and issues with car plants in Texas and Germany.

Elon Musk, CEO of Tesla, continued the call with an optimistic outlook for Q4, claiming demand will allow them to sell every car they can produce. He also briefly mentioned his in-the-process Twitter purchase, a controversial acquisition that has influenced investors’ decisions on Tesla’s own stock prices. Nevertheless, their earnings per share grew over 1, specifically at $1.05 up from $0.99, which can make the disruptive innovator’s stock look a lot more appealing for the next months to come.

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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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