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.
Source: korrespondent
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