Tesla’s Q3 earnings beat expectations
Tesla - the most controversial carmaker, posted the long-expected Q3 earnings.
Its revenue figures increased from last year’s $6.30 billion to $8.77 billion. The market was looking for $8.36 billion. The automotive margin came above the 24.1% consensus at 27.7%. The earnings per share came at 76 cents. This marks the fifth consecutive quarter when it reports a profit.
Tesla’s Model 3/Y deliveries increased 60% to 128,044 from last year's figures, while those for Model S/X went up 4% to 16,992 compared to the same time the previous year.
For the future, Tesla reiterated the fact that it is looking to reach its target of delivering 500,000 vehicles this year, as the "primarily demand on quarter over quarter increases in Model Y and Shanghai production, as well as further improvements in logistics and delivery efficiency at higher volume levels."
Following the report, Tesla stock price gained 3%. Year-to-date, the company’s stock price gained 408%, while USA500 added 7%.
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Sources: investing.com, reuters.com