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Tesla Inc (NASDAQ:TSLA) shares fell 5 percent after reporting third-quarter earnings.
The electric carmaker delivered third-quarter sales of $2.98 billion, beating estimates by $680 million. Third-quarter GAAP EPS came in at a loss of $2.92 per share, which may not compare to loss estimates of $2.30 per share.
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The company’s gross profit is now expected to grow more than operating costs in the fourth quarter, compared to the third quarter.
“In Q3, we delivered the 250,000th Tesla. This is a significant milestone as the Tesla fleet is now about 100 times larger than it was five years ago, just before the launch of Model S,” said CEO Elon Musk. “During Q3, we received record net orders for Model S and Model X, setting the stage for what should be an all-time record for deliveries of these vehicles in Q4. With the addition of Model 3 as a compelling, high-performance and long-range electric vehicle that is also affordable, the Tesla fleet should grow even faster in the years ahead.”
Click here for the full results.
Q3 Highlights
- Sees Q4 CapEx ~$1 billion
- Model S, X – 25,915 Units Delivered
- Model 3 – 222 Units Delivered
- Model 3 Adjusted Gross Margin Reaching Breakeven By End Of Q4
"The company’s gross margin took a big hit: 18.3% down from 27.9% quarter-over-quarter," Electrek noted. "It is attributed to Model 3 production being extremely costly right now with little deliveries."
Shares traded around $306 at time of publication, down 4.6 percent.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.