Tesla Inc. (NASDAQ: TSLA) on Wednesday said its third-quarter earnings rose sharply and topped expectations. Driving the bottom-line growth, revenues increased by 56%.
Revenues of the Austin-based electric car maker advanced 56% year-over-year to $21.45 billion during the three-month period but missed estimates. The company produced a total of 365,923 vehicles and delivered 343,830 units, mainly comprising the Model-3 and Model-Y variants.
Earnings, excluding one-off items, rose to $1.05 per share in the third quarter from $0.62 per share a year earlier. Experts were looking for slower growth. Third-quarter unadjusted net income moved up to $3.29 billion or $0.95 per share from $1.62 billion or $0.42 per share in the same period of 2021.
Check this space to read management/analysts’ comments on Tesla’s Q3 report
TSLA’s stock has lost about 35% since the beginning of the year. It closed Wednesday’s regular trading higher but declined in the extended session soon after the announcement.