Tesla (TSLA) reported third-quarter earnings that beat analysts’ expectations as margins improved, sending shares higher in extended trading Wednesday.
The electric vehicle (EV) maker posted third-quarter net income of $2.17 billion or 62 cents per share, up from $1.85 billion or 53 cents per share a year ago, topping analysts’ estimates as margins rose to 19.8% from 17.9%. Revenue grew 8% year-over-year to $25.18 billion, slightly missing the analyst consensus from Visible Alpha.
Earlier this month, Tesla said it delivered 462,890 vehicles in the quarter, which topped expectations. The company added Wednesday that its “plans for new vehicles, including more affordable models, remain on track for start of production in the first half of 2025.”
Shares of Tesla jumped over 8% in extended trading Wednesday following the release.
Tesla’s Earnings Beat Comes After Robotaxi Event Disappointed
Tesla’s earnings beat comes after the EV maker’s stock took a hit earlier this month following the company’s robotaxi event, which saw the unveiling of a prototype “Cybercab,” along with a larger “Robovan.”
Analysts said a lack of details about whether Tesla would plan to operate its fleet of robotaxis or sell them to customers, and the fact Tesla did not announce the lower-cost model investors were hoping for, were among the concerns that drove the stock lower.
Shares of Tesla were down about 14% for the year through Wednesday’s close.
