Tesla: 37% drop in Q3 EPS
(CercleFinance.com) - Tesla reported Q3 adjusted net income of $2,318m on Wednesday evening, down 37% y-o-y, representing EPS of $0.
66 (-37%), slightly below expectations.
However, sales rose by 9% to $23,350m, driven by a 5% rise in automotive revenues and a 40% jump in revenues from energy storage and generation.
Adjusted EBITDA was $3758m, down 24%.
The upmarket electric car maker said that while production costs in its new plants remained higher than at its established plants, it made the necessary upgrades in Q3 to enable further reductions in unit costs.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
66 (-37%), slightly below expectations.
However, sales rose by 9% to $23,350m, driven by a 5% rise in automotive revenues and a 40% jump in revenues from energy storage and generation.
Adjusted EBITDA was $3758m, down 24%.
The upmarket electric car maker said that while production costs in its new plants remained higher than at its established plants, it made the necessary upgrades in Q3 to enable further reductions in unit costs.
Copyright (c) 2023 CercleFinance.com. All rights reserved.