Tesla reported strong Q3 results, beating profit estimates and indicating future growth

From Nasdaq: 2024-10-29 06:15:00

Tesla reported solid third-quarter results with profits exceeding expectations and indicated continued production growth. The stock surged 22% in response. Revenue of $25.2 billion translated to earnings of $0.72 per share, slightly beating estimates. Total deliveries of 462,890 vehicles were just shy of expectations but significantly higher than last year’s count. Production costs per car decreased, leading to improved gross profit and potential income growth. CEO Musk expects unit sales to rise 20-30% next year, promising further profitability as output increases. Tesla’s profitability turnaround bodes well for shareholders, with potential for more investments in production capacity.



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