Company / Analytics

Analytics, 21 October 2022

Tesla’s Q3 earnings report 2022

Tesla reported its third quarter earnings on Wednesday this week, with the main highlight being a record revenue of $21.45 billion for Q3 whilst still missing analysts expectations of $21.96B. Shares fell 3.5% in after-hours trading following the earnings release and have dropped over 6% so far.

Tesla nearly doubled its net income for Q3, with the company reporting s net income of $3.3B, as compared to $1.62 billion it earned in the same period last year.

Tesla cited increased raw material costs, the strengthening dollar, and issues ramping up production at its Germany and Texas factories as reasons for not hitting Wall Street’s estimates.

The company continues to expand first despite the global economic jitters as Musk, the CEO of the company, reassured investors of the company that demand was still high despite surging inflation and a series of interest hikes among global central banks.

Highlights of the Tesla Earning Report

Musk’s comments on Teslas’s earnings

Next Tesla earning date - 25/01/2023, Q4 of 2022 Fiscal Year, after Market close.

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