Sales at Elon Musk’s electric vehicle and clean energy firm rose 57 percent to $13.8 billion, while earnings came to $1.86 a share on an adjusted basis, the California-based firm said.
Tesla Inc. reported revenue that fell short of Wall Street estimates, but managed to beat third-quarter earnings projections despite a semiconductor shortage and supply-chain challenges that have stymied competing automakers.
Sales at Elon Musk’s electric-vehicle and clean-energy company rose 57% to $13.8 billion, missing estimates of $13.9 billion. Earnings came to $1.86 a share on an adjusted basis, the Palo Alto, California-based automaker said Wednesday. That beat the $1.67 a share average of analysts’ estimates. The results mark the ninth straight quarter of profit for the 18-year-old electric carmaker.
The company’s automotive gross margin, a key gauge of profitability, widened to 28.8% in the latest quarter, up from 27.7% a year earlier.
Shares of Tesla fell as much as 1.5% to $853 in after market trading. They were little changed at $865.80 at the close of regular trading in New York.
“The stock is zig-zagging because this was expected,†Gene Munster of Loup Ventures said of the strong gross margins, which came to 28.8% excluding regulatory credits. “But they are making a lot of progress when it comes to profitability.â€
Tesla is expanding on three continents and is nearing completion of new factories in Austin, Texas, and Berlin. Â At its shareholder meeting earlier this month, Chief Executive Officer and top shareholder Musk said his company will move its corporate headquarters to Austin, without giving a date.
Tesla delivered 241,300 cars worldwide in the third quarter, a record for the company. Tesla currently makes the Model S, X, 3 and Y at its factory in Fremont, California, and the Model 3 and Y at its plant in Shanghai. More than 96% of sales in the quarter were the Model 3 and Y.
Revenue from regulatory credits came to $279 million, down from $354 million three months earlier. The company also reported a $51 million Bitcoin impairment.