Tesla Profit Plunges Despite 3rd-Quarter Rush to Buy EVs
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Tesla chief Elon Musk said in a call with investors on Wednesday that his team is “on the cusp of something really tremendous” with Optimus, the humanoid robot that it’s been working on since 2021.
Tesla posted record quarterly revenue but its profit came in below Wall Street's expectations. The stock fell 4% after hours during the analyst call.
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Tesla Inc.’s profit plunged more than expected as sharply rising costs undercut a record quarter of vehicle sales.
Tesla's profit actually fell 37% compared to the same period last year, despite buyers rushing to take advantage of the expiring EV tax credit.
Tesla reported third-quarter earnings Wednesday that fell short of economists’ expectations, the first of the world’s largest firms to post third-quarter earnings, following a historic rise in quarterly deliveries in the lead-up to electric vehicle tax credits expiring.
Tesla's miss on earnings per share didn't seem to shock the market too much, according to Direxion's Ryan Lee, but he still thinks there were elements of the report that will resonate with bears. "Bea
Tesla reported a profitable third quarter today — its first this year — as shoppers scrambled to snatch up the company’s EVs in record numbers before the federal EV tax credit expired.
Tesla's revenue rose 12% year on year, the first increase in three quarters. Despite that, net income plunged 37% from a year earlier.