"Third-quarter earnings at Tesla fell to $1.4 billion, or 39 cents a share, from $2.2 billion, or 62 cents a share, a year earlier. That marked the fourth quarter in a row that profit dropped. Excluding certain charges, earning were 50 cents per share, down from 72 cents per share a year ago and below the 56 cents forecast by Wall Street analysts."
"Revenue rose to $28.1 billion from $25.2 billion in the June through September period, beating Wall Street's forecast. Tesla shares fell 1% to $434.82 in after-hours trading Financial analysts have been upping their estimates of revenue since Musk announced earlier this month that sales of electric vehicles, one part of the multipronged business, rose 7% in the quarter after plunging for most of the year."
"A much watched measure, gross margins, hit 18%, the highest for this year but still down from the third quarter a year ago. The figure, which shows how much money Tesla makes after paying staff, raw materials and other basic expenses, are also down from 25% four years ago as the company offers discounts and other incentives to fight back against rival EV makers that have been stealing market share."
Tesla's third-quarter earnings declined to $1.4 billion, or 39 cents per share, from $2.2 billion, or 62 cents a year earlier, marking a fourth consecutive quarterly profit drop. Adjusted earnings of 50 cents per share fell short of the 56-cent Wall Street forecast. Revenue increased to $28.1 billion from $25.2 billion, aided by a 7% rise in EV sales and surging battery-storage sales. Customers accelerated purchases to capture a $7,500 federal EV tax credit before its Oct. 1 expiration. Gross margin improved to 18% for the year but remained well below prior levels as discounts and incentives pressured profitability.
Read at www.mercurynews.com
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