Tesla reports Q3 earnings, beat earnings expectations and lags behind earnings

Electric-car maker Tesla (TSLA) doubled its third-quarter profit from a year earlier, but still missed analysts’ sales expectations.

The company announced its Q3 results after the close on Wednesday.

Tesla reported $3.33 billion in revenue, or $1.05 in earnings per share, beating guidance of $0.99 per share. It reported sales of $21.45 billion, falling short of the expected $21.96 billion.

The company recorded 343,830 deliveries, a 42% increase from a year ago. The EV maker also recently posted a monthly record of 83,135 vehicles produced at its China plant, which opened in 2019.

The earnings report comes amid a shaky few months for an auto industry hit by rising fuel prices, high interest rates and slowing demand. Tesla, meanwhile, is also grappling with shipping issues and the loss of its artificial intelligence leader, Andrei Karpathy, in July.

Tesla CEO Elon Musk, meanwhile, has garnered attention for his one-off involvement in a $44 billion deal to buy social media platform Twitter.

Musk said the company expects to fill orders for its Semi electric truck this December.

Shares of Tesla closed at $222.04 on Wednesday, up $1.85, or 0.84%.

https://www.ibtimes.com.au/tesla-reports-q3-earnings-beating-earnings-expectations-falling-short-revenue-1839714?utm_source=Public&utm_medium=Feed&utm_campaign=Distribution Tesla reports Q3 earnings, beat earnings expectations and lags behind earnings

Fry Electronics Team

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