Tesla Misses Wall Street Expectations in Q3 2023 Earnings, TSLA Shares Drops Over 8%
The post Tesla Misses Wall Street Expectations in Q3 2023 Earnings, TSLA Shares Drops Over 8% appeared on BitcoinEthereumNews.com. Despite Tesla missing the mark, the company’s revenue grew by 9 percent YoY to $23.4 billion fueled by growth in vehicle deliveries. Tesla Inc (NASDAQ: TSLA) shares closed Wednesday trading at $242.68, down 4.78 percent from the day’s opening price. The TSLA losses continued during the extended trading period with a drop of about 4.24 percent to trade around $232.4. The sudden drop in Tesla shares was attributed to the Q3 2023 financial results that missed analysts’ expectations despite a notable increase in electric vehicle deliveries. Earlier this month, the company announced that its 2023 volume target of around 1.8 million vehicles remains unchanged after producing about 430,488 units and delivering around 435,059 vehicles during the third quarter. How Tesla Performed in Q3 2023 According to the announcement, Tesla reported an adjusted earnings per share of 66 cents whereas analysts surveyed by LSEG, formerly Refinitiv, expected the company to record an EPS of about 73 cents. During the third quarter, Tesla reported a revenue of $23.35 billion whereas analysts surveyed by LSEG expected about $24.1 billion. As a result, Tesla closed the third quarter with total assets of about $93.94 billion including digital assets worth approximately $184 million. Amid heightened competition in the electric vehicle industry, Tesla announced that its core objective is to reduce the cost per vehicle, generate more free cash flow, maximize delivery volumes, and double down its investment in Artificial Intelligence (AI) to enhance its growth. Notably, the company’s free cash flow YTD came in at $2.3 billion. Nonetheless, the company is undeniably struggling to bring down vehicle prices amid high interest rates around the world. According to Elon Musk, the company is doing all in its power to cut the production costs of its EVs including developing more construction sites. For instance, Tesla is laying…
The post Tesla Misses Wall Street Expectations in Q3 2023 Earnings, TSLA Shares Drops Over 8% appeared on BitcoinEthereumNews.com.
Despite Tesla missing the mark, the company’s revenue grew by 9 percent YoY to $23.4 billion fueled by growth in vehicle deliveries. Tesla Inc (NASDAQ: TSLA) shares closed Wednesday trading at $242.68, down 4.78 percent from the day’s opening price. The TSLA losses continued during the extended trading period with a drop of about 4.24 percent to trade around $232.4. The sudden drop in Tesla shares was attributed to the Q3 2023 financial results that missed analysts’ expectations despite a notable increase in electric vehicle deliveries. Earlier this month, the company announced that its 2023 volume target of around 1.8 million vehicles remains unchanged after producing about 430,488 units and delivering around 435,059 vehicles during the third quarter. How Tesla Performed in Q3 2023 According to the announcement, Tesla reported an adjusted earnings per share of 66 cents whereas analysts surveyed by LSEG, formerly Refinitiv, expected the company to record an EPS of about 73 cents. During the third quarter, Tesla reported a revenue of $23.35 billion whereas analysts surveyed by LSEG expected about $24.1 billion. As a result, Tesla closed the third quarter with total assets of about $93.94 billion including digital assets worth approximately $184 million. Amid heightened competition in the electric vehicle industry, Tesla announced that its core objective is to reduce the cost per vehicle, generate more free cash flow, maximize delivery volumes, and double down its investment in Artificial Intelligence (AI) to enhance its growth. Notably, the company’s free cash flow YTD came in at $2.3 billion. Nonetheless, the company is undeniably struggling to bring down vehicle prices amid high interest rates around the world. According to Elon Musk, the company is doing all in its power to cut the production costs of its EVs including developing more construction sites. For instance, Tesla is laying…
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