Tesla Q3 profit surges 17% despite revenue miss
Tesla yesterday announced its Q3 earnings report, with revenue of $25.182 billion, an 8% YoY increase, and a net profit of $2.167 billion attributable to common shareholders, up 17% from the previous year. While Tesla’s Q3 revenue fell short of Wall Street analysts’ expectations, the adjusted diluted earnings per share exceeded forecasts, leading to a more than 9% surge in Tesla’s after-hours stock price. During the earnings call following the report, CEO Elon Musk expressed his “best guess” that the company’s vehicle growth rate would reach 20% to 30% next year, driven by “lower-cost vehicles” and the arrival of “autonomous driving.”