Tesla CEO and X owner Elon Musk speaks during an unveiling event for Tesla products in Los Angeles, California, U.S. October 10, 2024
Source: Tesla | Youtube
Tesla reported third-quarter earnings on Wednesday that topped analysts’ estimates even as revenue came in just shy of expectations.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: 72 cents vs. 58 cents expected
- Revenue: $25.18 billion vs. $25.37 billion expected
Revenue increased 8% in the quarter from $23.35 billion a year earlier. Net income rose to about $2.17 billion, or 62 cents a share, from $1.85 billion, or 53 cents s share, a year ago.
Tesla’s profit margins were bolstered by $739 million in automotive regulatory credit revenue during the quarter.
Automotive revenue increased 2% to $20 billion from $19.63 billion in the same period a year earlier. Energy generation and storage revenue soared 52% to $2.38 billion, while services and other revenue jumped 29% to $2.79 billion.
Earlier this month, Tesla reported third-quarter vehicle deliveries of 462,890. Deliveries are the closest approximation to sales reported by Tesla. The company also said it had produced 469,796 electric vehicles in the period ending Sept. 30.
While deliveries increased 6% from a year earlier, they fell shy of analysts’ expectations and followed two straight quarters of year-over-year declines. Tesla has also been offering an array of discounts and incentives to spur electric vehicle sales, which could continue to stress margins.
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