Tesla Surpasses Third-Quarter Earnings and Revenue Estimates
The electric vehicle maker reported adjusted quarterly earnings of $0.48 per share alongside $28.05 billion in revenue.
Tesla reported its third-quarter financial results, surpassing consensus estimates for both earnings and revenue for the period ending in September. The electric vehicle manufacturer announced adjusted earnings of $0.48 per share, beating the Zacks Consensus Estimate of $0.45 per share, though down slightly from $0.50 per share a year earlier.
During the quarter, the company generated $28.05 billion in revenue, exceeding the consensus estimate of 0.96 percent. This figure compares closely to the $28.1 billion in revenue reported during the same period in the previous year. Over the last four quarters, Tesla has beaten consensus revenue estimates three times.
Despite the positive quarterly figures, Tesla shares fell about 2 percent in extended trading following the report. Stock futures across U.S. markets also slid late Wednesday as investors digested the latest corporate reports from major technology firms, including Meta Platforms.
Prior to the latest earnings release, Tesla shares had declined roughly 16.9 percent since the beginning of the year, underperforming the S&P 500's gain of 12.7 percent over the same timeframe. Market analysts note that the stock's immediate price movement and future direction will largely depend on management commentary during the earnings call and ongoing earnings estimate revisions.
The current status of the stock translates to a Zacks Rank #4, indicating a rating of Sell, as the company's recent estimate revisions trend has been unfavorable. Analysts point out that future market performance will depend heavily on how estimates for upcoming quarters and the current fiscal year shift in the days ahead.
Looking forward, the consensus estimate for the upcoming quarter stands at $0.50 in earnings per share on $28.31 billion in revenue. For the current fiscal year, analysts anticipate earnings of $1.69 per share on total revenues of $106.09 billion, as investors continue to monitor the broader automotive and technology sectors.