Tesla CEO Elon Musk speaks at an event in Hawthorne, California April 30, 2015.
Patrick T. Fallon | Reuters
Tesla reported third-quarter earnings after the bell. Shares fell by about 4% after hours following the outcomes.
Listed below are the outcomes.
- Earnings:Â $1.05 vs 99 cents per share (adjusted) expected
- Revenue:Â $21.45 billion vs $21.96 billion expected
Tesla’s net income (GAAP) for Q3 2022 reached $3.33 billion, with automotive gross margins holding regular at 27.9%, exactly where it stood within the second quarter of 2022.
In the course of the same period last yr, Tesla reported $1.62 billion in profits.
Automotive revenue got here in at $18.69 billion, a rise of 55% from a yr ago. Cost of revenue for Tesla’s core automotive business rose to $13.48 billion in the course of the quarter, up from $10.52 billion in the course of the second quarter, consistent with the rise in automotive sales. Tesla’s automotive regulatory credits made up 1.5% of automotive revenues at $286 million for the quarter.
Tesla reiterated previous guidance in its shareholder deck on Wednesday, saying: “Over a multi-year horizon, we expect to attain 50% annual growth in vehicle deliveries.”
The corporate reiterated that deliveries of its Semi electric heavy duty truck will begin in December. The product was first announced in Dec. 2017. It offered no firm timeline for the beginning of production of its Cybertruck pickup, saying only that it might be produced in Texas after the ramp-up of Model Y production there.
The corporate previously reported that its deliveries for the quarter ending September 30 reached 343,000 and vehicle production reached 365,000. Deliveries are the closest approximation of sales reported by Tesla. Shares have dipped greater than 17% since that weekend report on October 2.
In its Q3 earnings release, the corporate warned a few bottleneck in transportation capability for delivering latest cars in the ultimate weeks of the quarter, and said it was “transitioning to a smoother delivery pace.”
Tesla’s energy unit generated $1.12 billion in revenue for the quarter. This division sells backup batteries for residential, business and utility use, and installs solar rooftops.
That is developing news. Check back for updates.
