HomeEconomyTesla shares rise 12%

Tesla shares rise 12%

Image: Getty Images

Elon Musk’s company reported its biggest quarterly profit in over a year – $2.5 billion.

Tesla shares rose 12% after the company reported third-quarter earnings on Oct. 23 that beat analysts’ estimates. CNBC reported this.

Third quarter adjusted net income rose 8% year over year to $2.5 billion, beating expectations of $2.1 billion. Adjusted earnings of 72 cents per share in the third quarter beat the average estimate of 58 cents.

Revenue was $25.18 billion, compared with estimates of $25.37 billion.

Third quarter results were supported by Cybertruck sales, which turned a profit for the first time.

Tesla shares rose 12% in New York trading, potentially erasing much of the stock’s 14% decline so far this year.

The company’s auto gross margin for the third quarter was 17.1%, beating analysts’ estimates and up from 14.6% in the previous quarter.

The company’s founder and CEO Elon Musk also promised to make Tesla the most valuable company in the world by starting to increase deliveries by 20-30% next year. This, according to him, will happen due to the reduction in the cost of cars and the emergence of autonomy.

Analysts expect total deliveries next year to increase by about 15% to 2.04 million vehicles.

Musk noted that the company will produce 2 million cybercars per year by this time, and will also offer driverless rides in its cars as early as 2025 in Texas and possibly California.

Recall that in early October, Tesla recalled more than 27,000 Cybertruck electric vehicles in the United States due to image delays from the rear view camera.

New Correspondent.net on Telegram and WhatsApp. Subscribe to our channels Athletistic and WhatsApp

Source: korrespondent

- A word from our sponsors -

Most Popular

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More from Author

- A word from our sponsors -

Read Now

The President signed the Law on 50% of the Motagrass for Veterans

The President of Ukraine signed a law that reduces the cost of a motorcycle by 50% for veterans and persons with disabilities as a result of the war (No. 4369-IX). .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px;...

GBI was struck by anger, the requirement of short -term reconciliations of SOC without Boytsov’s order

Employees of the State Bureau of Investigations exposed military personnel in the Nikolaev area, who demanded that the military left some of the military in exchange for returning to the service. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height:...

In Priluki, the Cisland arrived at the post of drone in his house, where he was killed

The rescuer arrived in Pryluky to eliminate the effects of a drone that fell into his house, where his family was killed. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px; }} .Adsbygoogle {Touch-Action: Manipulation; } ...