Electric car maker Tesla Inc. (NASDAQ: TSLA) on Wednesday reported strong third-quarter earnings that more than doubled from last year and topped expectations. Driving the bottom-line growth, revenues grew 57% and came in above analysts’ forecast.
At $13.76 billion, third-quarter revenues were up 57% year-over-year and above the estimates. The company produced a total of 237,823 vehicles and delivered a record 241, 391 units during the three-month period, mainly comprising the Model-3 and Model-Y variants.
Net income, adjusted for special items, advanced to $1.86 per share in the third quarter from $0.76 per share a year earlier. Experts were looking for slower growth. Unadjusted net income moved up to $1.62 billion or $1.44 per share from $331 million or $0.27 per share in the third quarter of 2020.
Currently, TSLA is one of the fastest-growing Wall Street stocks, with the value more than doubling in the past twelve months. The stock closed Wednesday’s regular trading higher but declined during the extended session soon after the earnings release.
Stocks you may like:
The semiconductor industry is a rapidly growing business segment that currently thrives on the digital transformation wave. The demand for memory chips and other semiconductor products increased over the years,
Shares of Bed Bath & Beyond (NASDAQ: BBBY) were up on Friday, a day after the company delivered disappointing results for the second quarter of 2022. The company reported a
Nike, Inc. (NYSE: NKE) has reported a decrease in net profit for the first quarter of 2023, despite a modest increase in revenues. The company's stock suffered a big loss