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Tesla Q3 Earnings: Revenue Beat, Profit Down 43%
Tesla beat Wall Street's Q3 targets on revenue and adjusted EPS, but net income plunged 43% year over year as the core car business kept shrinking.
Why it matters
Tesla reported third-quarter results after the market close on October 21: revenue of $28.05 billion and adjusted EPS of $0.48, both above analyst estimates. But automotive revenue fell 3% year over year to $20.56 billion, and net income collapsed 43% to $787 million from $1.37 billion a year earlier. Services revenue surged 33% to $4.61 billion, underscoring how much Tesla now leans on diversification beyond cars.
Details
Tesla delivered 486,532 vehicles while building 464,391, working down inventory for a second straight quarter; the order backlog hit a four-year high. Energy storage deployed 13.7 GWh, short of the roughly 15.9 GWh analysts expected. Full-year capex guidance was cut from more than $25 billion to $20 billion, while Elon Musk reaffirmed the goal of roughly 5 million vehicles a year around 2030. Shares fell more than 3% in after-hours trading.
Sources
CNBC, Electrek, TradingKey and Finance BigGo reporting on Tesla's official Q3 results and earnings call.
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