Tesla Down 10% Following Earnings Beat
Tesla (NASDAQ: TSLA) is taking a beating after reporting its third-quarter earnings beat.
The automaker's Q3 EPS came in at $0.12 -- a penny higher than the $0.11 that Wall Street predicted.
Earnings per share were up 113 percent from the year-ago period.
Tesla has been one of the hottest stocks on Wall Street this year, rising nearly 400 percent since January. That growth is virtually unheard of -- not even Apple (NASDAQ: AAPL) was able to compare in its heyday.
Netflix (NASDAQ: NFLX) is a close contender, however. The stock has performed exceptionally well this year, but its growth has yet to catch up to Tesla's level. Year-to-date, the streaming video giant is up more than 266 percent.
Late last month Tesla announced that it had expanded its battery supply agreement with ailing Japanese electronics manufacturer Panasonic (OTC: PCRFY). This surprised some investors, particularly those who had anticipated a partial (or entire) switch to Samsung (OTC: SSNLF).
In another earnings update, Tesla said that it expects its fourth quarter results to be comparable to Q3.
Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.
Louis Bedigian is the Senior Tech Analyst and Features Writer of Benzinga. You can reach him at louis(at)benzingapro(dot)com. Follow him @LouisBedigianBZ
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.