Categories AlphaGraphs, Earnings, LATEST
Tesla (TSLA) reports surprise profit for Q3; revenues down 8%; stock surges
After reporting below-consensus production numbers a few weeks ago, Tesla, Inc. (NASDAQ: TSLA) reported profit for the third quarter, on an adjusted basis, defying analysts’ estimate for a loss. Revenues, meanwhile, declined 8%. The company’s stock gained sharply during Wednesday’s extended trading session, following the announcement.
During the September-quarter, revenues dropped 8% annually to $6.3 billion, hurt by softness in vehicle shipments. The top line came in broadly in line with the market’s expectations.
Turnaround
The Silicon Valley-based electric carmaker reported adjusted earnings of $1.86 per share for the quarter, compared to $2.9 per share last year. Analysts were looking for a loss. Unadjusted profit was $143 million or $0.78 per share, compared to last year’s profit of $311 million or $1.75 per share.
Earlier, there was caution among the stakeholders after the company reported third-quarter production numbers that fell short of expectations, despite year-over-year growth. It produced 96,155 vehicles and delivered around 97,000 units, led by the Model 3 sedan, as usual. Tesla’s stock suffered this year due to its inability to meet the production targets.
Updates
The company said the setting up of its Gigafactory in Shanghai is progressing ahead of schedule and trial production has started. Production of Model Y is expected to start by summer 2020. Tesla’s energy segment achieved record storage deployment of 477 Mwh, with a 48% sequential solar growth.
Also see: Tesla Q1 2019 Earnings Conference Call Transcript
After falling to a multi-year low a few months ago, the stock made modest gains and traded slightly above the $250-mark. It lost about 24% so far this year as the company continued to struggle with its production and delivery goals. The shares gained about 17% Wednesday evening, following the earnings report.
Most Popular
Key takeaways from JM Smucker’s (SJM) Q4 2025 earnings report
Shares of The J.M. Smucker Co. (NYSE: SJM) plunged 15% on Tuesday after the company delivered mixed results for the fourth quarter of 2025. While earnings came ahead of expectations,
J.M. Smucker (SJM) Q4 2025 Earnings: Key financials and quarterly highlights
The J.M. Smucker Co. (NYSE: SJM) reported its fourth quarter 2025 earnings results today. Net sales was $2.1 billion, down 3% year-over-year. Comparable net sales decreased 1%. Net loss was
Plus Therapeutics CEO: Lead candidate REYOBIQ demonstrates strong safety and efficacy in early trials
Plus Therapeutics (NASDAQ: PSTV) is a pharmaceutical company engaged in the development of targeted radiotherapeutics for difficult-to-treat cancers. Currently, it is advancing a pipeline of product candidates with lead programs
Comments