Tesla reported third-quarter results after the bell Wednesday.
The company’s shares rose as much as 2.4% in extended trading after the report crossed, but then sank more than 4% after CEO Elon Musk cautioned that the Cybertruck would not deliver significant positive cashflow for 12 to 18 months after production begins, and emphasized that the company is focused on making its cars more affordable amid a high-interest rate environment.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:
Earnings: 66 cents per share adjusted vs 73 cents per share expected
Revenue: $23.35 billion vs $24.1 billion expected
It was the first time Tesla
has missed on both earnings and revenue since its second-quarter 2019 report in July 2019.
Tesla executives said on an earnings call that they are “laying the groundwork to begin construction,” on a new factory planned in Mexico. But Musk said before Tesla goes “full-tilt” on the Mexico factory, the company is working to bring down the price of its cars.
https://www.cnbc.com/2023/10/18/tesla-tsla-earnings-q3-2023.html