by winston » Thu Oct 24, 2024 9:02 am
not vested
Tesla reported third-quarter earnings Wednesday that topped estimates even as revenue came in just shy of expectations.
Earnings per share was 72 cents, adjusted vs. 58 cents expected while revenue was US$25.18 billion vs. US$25.37 billion expected.
Revenue increased 8% in the quarter from US$23.35 billion a year earlier.
Net income rose to about US$2.17 billion, or 62 cents a share, from US$1.85 billion, or 53 cents a share, a year ago.
Profit margins were bolstered by US$739 million in automotive regulatory credit revenue during the quarter.
Automotive revenue increased 2% to US$20 billion from US$19.63 billion in the same period a year earlier and is about flat since late 2022.
Energy generation and storage revenue soared 52% to US$2.38 billion, while services and other revenue, which includes revenue from non-warranty repairs of Tesla vehicles, jumped 29% to US$2.79 billion.
Tesla said that on Oct. 22 it reached 7 million vehicles produced, and that its newest offering, the Cybertruck, became the third-best-selling fully electric vehicle in the US, behind only the Model 3 and Model Y.
Tesla said in the release that the Cybertruck “achieved a positive gross margin for the first time.” He added that his “best guess” is that vehicle growth will reach 20% to 30% next year, due to “lower cost vehicles” and the “advent of autonomy.”
Source: Phillips
It's all about "how much you made when you were right" & "how little you lost when you were wrong"