Tesla Stock Soars After Delivering a Blowout Quarterly Results
Tesla beats estimates for earnings and auto profit margin as Musk’s sales growth forecast sends shares soaring
Tesla reported surprisingly strong earnings in the third quarter, helping the electric car maker to regain momentum after a tumultuous start to the year in which its profit fell for two straight quarters.
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Tesla reported surprisingly strong earnings in the third quarter, helping the electric-car maker to regain momentum, via Bloomberg#tesla #stocks pic.twitter.com/yplpQDdoUY
— The_Journalbiz (@the_journalbiz) October 24, 2024
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Net income was $2.2 billion for the July-to-September period, a 17% increase from a year earlier and lifted in large part by higher sales of regulatory credits to other automakers and the strength of Tesla’s energy business.
- Global deliveries also rose in the third quarter, helping to boost revenue by 8% to $25.2 billion.
- Tesla’s stock was up 12% in after-hours trading Wednesday, following the earnings release and call.
Chief Executive Elon Musk, who hasn’t set a sales-increase target for this year, said Wednesday that Tesla could see 20% to 30% “vehicle growth” in 2025. That increase would mark a significant improvement from this year, in which global deliveries are down nearly 6% for the first three quarters of 2024.
